mortgage guidelines: 3% Down Conventional with NO Monthly PMI Insurance!
- 07/18/12 04:39 AM
EFFECTIVE IMMEDIATELY THIS PRODUCT OPTION IS NO LONGER AVAILABLE. HOWEVER, WE DO STILL OFFER A CONVENTIONAL MORTGAGE OPTION WITH A MINIMUM DOWN PAYMENT OF 3%. PLEASE SEE ME BLOG FOR DETAILS ON THIS PROGRAM. We are pleased to offer mortgage options that allow for NO Monthly PMI (Private Mortgage Insurance).
With more and more buyers having less cash for a down payment and the never ending stream of mortgage insurance rate increases by FHA, a conventional mortgage option with 3% down and no monthly mortgage insurance is a welcome relief to many would be homebuyers who seek to have … (1 comments)
mortgage guidelines: What your lender don't know can hurt you!
- 01/18/11 12:46 PM
As a mortgage lender since 1991, I have had to learn the technical skills essential to do my job. You see back then there was no automated underwriting. The borrower had to have a down payment, income and show an acceptable credit history that indicated their likeliness to repay. All of this had to be documented. Trust me, I screwed up many deals in my early years because I didn't know what I was doing or didn't look at the documentation I had. I learned from my mistakes and didn't make the same mistake twice. More importantly, I didn't blame … (0 comments)
mortgage guidelines: Michigan - Conventional 3% Down Payment Mortgage
- 04/28/10 01:25 PM
If your tired of dealing with all of the added hurdles associated with an FHA mortgage? Did you know that a conventional 3% down loan option is still available for some borrowers! That is right, finally a solid conventional alternative to an FHA loan. Not all borrowers will qualify for this program, but many will and it is a solid alternative to an FHA loan. This program is not likely going to help clients with credit scores on the lower end of the spectrum. However, some clients with average and less then perfect credit will find this a lifeline to … (1 comments)
mortgage guidelines: Investment Property Financing
- 08/27/09 04:02 AM
Ok, I have to admit, it has been far too long since I have updated my blog. I do a lot of freelance writing for www.mortgagecurrentcy.com and that is where I havd dedicated most of my time. Not to mention, they actually pay me for my articles :) If your like me, you are sick and tired of lenders who tell clients and agents the wrong information because they DO NOT know the right information. As part of my duties for www.mortgagecurrentcy.com I write an Ask The Experts Column. I recently had a subscriber who had an underwriter fight with him in regards … (0 comments)
mortgage guidelines: Financing New Condo Projects - Part 1
- 07/09/08 02:18 PM
For those of you who market new condo projects you may have noticed that it is becoming ever increasingly difficult to obtain financing for those clients who need a mortgage. So why the sudden change or difficulty in obtaining financing? With market conditions being unfavorable Fannie Mae and Freddie Mac have put in place more stringent guidelines for condominium projects. In the past, projects that were only partially completed could often still qualify for conventional mortgage financing. This is true even though the project was still subject to additional phases and may not have been turned over to the homeowners association. … (0 comments)
mortgage guidelines: Financing Investment Property
- 07/03/08 04:15 PM
I have recently run into a string of borrowers who have been turned down by lender after lender for the purchase of investment property. These borrowers are generally investors who have accumulated multiple properties (many within the last couple of years). So what is the common problem these borrowers are running into that is stopping them from getting approval? Simply put, their lenders inexperience. Did I just say that out loud?All of these borrowers are borrowers with credit scores in excess of 720, documentable income as well as verified cash for their down payments. So why wouldn't a lender want to … (0 comments)
mortgage guidelines: Decling Markets - The end of the World? pt 2.
- 01/19/08 05:16 AM
As I shared in my first post, I definitely do not think that declining markets are the end of the world. In all honesty, I believe it can actually open the market to new potential buyers who may not have been able to buy previously. Low interest rates, coupled with low sales prices create a great opportunity for entry level buyers. This will hopefully help to create some resales and feed on up the chain. I wanted to answer some of the questions I mentioned at the bottom of my last post. So here goes:Where are the declining markets?The answer to … (0 comments)
mortgage guidelines: Declining Markets - The end of the World?
- 01/19/08 12:48 AM
Absolutely not! Even though my catchy headline (I should stop thinking so highly of my writing ability) would have you think that the sky is falling and the world is ending, the truth is it is not. There are still many ways for a buyer to purchase with a limited down payment and still get a great deal on a mortgage. It is more important then ever to understand what a declining market is and how to work around them to continue to serve your clients.Declining markets may pose an additional hurdle for some homebuyers who have little to nothing for … (5 comments)
EFFECTIVE IMMEDIATELY THIS PRODUCT OPTION IS NO LONGER AVAILABLE. HOWEVER, WE DO STILL OFFER A CONVENTIONAL MORTGAGE OPTION WITH A MINIMUM DOWN PAYMENT OF 3%. PLEASE SEE ME BLOG FOR DETAILS ON THIS PROGRAM.
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