Some of the program changes are not all bad for us.  Back in about 2002 and before when you got a home loan you had to provide 2 years of w-2's, a month of pay stubs, bank statements, show job stability and have decent credit.  Then you sat down with a mortgage person and decided how much you were going to put down and what type of program was best for you.

Then the change in the industry started to happen.  The stated income/stated asset, no-doc and 0-down loans started to show up.  Not long after that first time home buyers could by 0-down stated income and investment properties were close to follow.  Obviously this was a drastic error for some.  Around that time the running joke was "if you can fog a mirror you can get a loan".  What was the industry thinking?

Now the guidelines have changed back and those who have started in the last few years are so shocked at how the banks are being "unrealistic" in there guidelines.  A borrower must actually have a job, decent credit, prove the income and have a little down payment.  How will we ever survive? 

When I first started a co-worker of mine said "if you will not put your family or your best friend into a loan program, then don't do it to a client".  How profound is that statement when we are building relationships for life with our clients. 

Jerry Wright

425-335-1052