Lenders Have Money !!

I speak to many potential home buyers every day. I am still amazed that many people shopping for a mortgage tell me that they feel the banks have no money to lend. This is just Not True !!

There is plenty of money available for mortgages. In fact, there is more financing available than demand.

The national lenders such as F.N.M.A -'Fannie Mae'  &  F.H.L.M.C. - 'Freddie Mac' are well funded and anxious to lend.

Federal Guarantee programs such as  F.H.A. & V.A. that don't lend money but guarantee to the lenders a percentage of the mortgage amount, are also Ready Willing and Able to assist homebuyers with various home buyer assistance programs.

Here in New York we are lucky to have S.O.N.Y.M.A.- The State of New York Mortgage Agency.

S.O.N.Y.M.A. Allows smaller down payments and low rates on all types of residential properties throughout New York state.

My own Bank-Continental Home Loans-is extremely well funded.

So, why this mis conception that banks have no money ?

I have to believe that the media is partially to blame. For the last 3 years we have been told by the talking heads on the "money & investment" shows that there is a Mortgage Meltdown. This is now ancient history as far as I am concerned.

Mortgage Lenders are lending every day. I should know. Towards the end of each month our closing agents are booked days and sometimes weeks in advance. We accomadate every customer, we even go to the homes to close a loan.

If someone tells you that mortgage money has dried up, tell them to call ME.

Sure, there are more restrictions for borrowers than 4-5 years ago, but this is just an adjustment to the freewheeling and dealing that caused many of the problems.

So, if you are an honest, hardworking person trying to get mortgage financing,call a mortgage professional

There is plenty of financing available and numerous programs to help just about anyone who wants to purchase the "American Dream"

Ken Nelson: The Mortgage Sherpa