Hello fellow active-rain members,
I have had a very interesting week needless to say. I found out this week that the Home Possible is not being offered by my favorite lender (Taylor Bean) anymore. So I called a few other lenders to see if they were offering it, and they all had pulled the product as well. So what are we a mortgage broker to do. The Home Possible was one of my favorite programs for many reasons. One being it was a 100% loan for client with not so great credit. I guess it's no need to cry over spilled milk huh?
So what will I use to replace it? Most of the lenders are still behind from the influx of loan we all submitted and continue to submit do to the low rates. So if you are not working at a shop that has in house underwriting you are still waiting up to a week to get a yes or no on government file. What a position to be in in such a shaky market, with everyone needing a pay check in the business. As we approach yet another home buyers season we need to all take a moment and work our plans. I wish everyone much success during these times. And remember the faith of a mustard seed can move anything.
Ronell D. Moore
Still providing 97% LTV on most commercial financing purchase and refinance.
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