First time blogger here.
Hello everyone. It seems it's "official" now that The Chronicle has reported on it:
Mortgage Crunch has even Wealthy Buyers scrambling for Credit
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/08/15/MNI3RHTDO.DTL
Just last week I had to convince several repeat clients the "Crunch" is real and yes, even for you Mr./Mrs. A- paper!
Do you have Good credit, full documentation or even Stated income clients with 20% down payment or equity? Sure, I know, anyone can get these people a loan still! But can you get them 6.250% (6.75% stated) and ZERO POINTS on a 5/1 ARM? Can you do it with a lender that isn't affected by the secondary market, one that will FUND the loan? The article says lenders are pulling out left and right. The subject buyer in the article lost his $73,000 deposit as a result of lender pullout. What can you do about this?
Your solution is fairly easy - A lender with great products still - 3/1, 5/1, 7/1, 10/1 IO ARMS, a lender that is staying clear of the market mess and closing deals, Rates that clients still feel comfortable with and deserve, and a Mortgage team that seems to be the only guys in the county closing these deals and building confidence in our Realtor business partners.
We're not miracle workers, just hard workers. We see this as an opportunity and we're not letting go. Give us a call and let us show you what we can do for you and your clients.
Jess & Terri
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