Media Bullpucky

Mortgage and Lending with Draper and Kramer NMLS# 189006


Despite what the media is saying mortgage lending has NOT come to a complete hault.   moneyThere are still great loan programs available, some of which do not require a 20% down payment or equity position, and some which still allow credit scores well under 720. 

-FHA Cash out refinance to 95%.  Equity line closed or frozen, still need cash for home improvements or college tuition.  Want to consolidate high interest car loans and credit cards, and take advantage of tax deductible interest?  As long as you have owned your home for at least 12 months you may be able to do an FHA cash out refinance up to 95% of your homes current value.  Credit scores accepted as low as 580.

-FHA purchase loans to 97%  FHA purchase mortgages still only require a 3.5% down payment!  And, the down payment $$$ can come as a gift to the borrower from a family member or can be borrowed from most approved retirement accounts.  Again, credit scores as low as 580 generally get approved, but the last 12 months must be clean.  Sellers can pay up to 3% for closing costs, so today's homebuyer can take advantage of the great opportunities in the marketplace for as little as 3.0% out of pocket.  With FHA rates still low, it's an outstanding time to buy!

VA loans with no money down.  In the industry, we have talked a lot lately about things "going back to the way they used to be"   Most qualified military veterans can still get a loan up to $417,000 with no money needed for a down payment.  This is an outstanding benefit for the thousands of military heroes in the country today.  In fact, this is one of the very few $0 money down loan still available in today's marketplace, as it should be; a special benefit to Veteran's of military service.

-Home Equity Line of Credit  (HELOC) to 95%.  We do still have a HELOC program that will allow you to borrow up to 95% of the current value of your home, less the outstanding 1stmortgage balance.  HELOC's are generally tied to the Prime lending rate which is very low today at 5%! 

Guidelines have certainly changed a lot in the mortgage industry the last 1-2years and are still changing by the day.  Many programs are gone or down payments and credit requirements have gotten much more restrictive.  But, there are still great loans available to help in reaching your financial goals and objectives. 

Kim Murphy, 1st Advantage Mortgage, A Draper and Kramer Company

Loans for DuPage, Kane, Cook, Will and Lake Counties


Comments (10)

Mana Tulberg
805 County Real Estate - Camarillo, CA
Real Estate Agent - Camarillo CA

Kim, The Media does poison the consumers for sure. Everyone that I know is panicking right now. Information like you have provided is necessary for consumers to learn about their available options.

Oct 07, 2008 01:25 PM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Kim: I agree with you. We're sure spending an inordinate amount of time reassuring the public that they can get a loan. Right now alot of them don't seem to be listening. Hopefully that will change soon! Take care.



Oct 07, 2008 03:11 PM
Kim Murphy
Draper and Kramer - Lombard, IL
Mortgage Loans in DuPage, Kane, Cook, Lake, Will C

Mana... I think the media plays such a big part in poisoning the consumers with inaccurate information.... 

Paul... I do hope they listen otherwise they could be missing out on great rates and programs.  There is still great opportunity for buying and refinancing

Oct 08, 2008 12:17 AM
Tom Burris
NMLS# 335055 - Baton Rouge, LA
Texas/Louisiana Mortgage Pro - 13 YRS Experience

Kim, I have gotten lots of emails from people concerned that they can't get a mortgage....

The media is only playing the bad news!!

Oct 10, 2008 03:23 AM
Richard Sweum
1st Security Bank - Everett, WA

I noticed the idiots on CNBC and Bloomberg were spewing this non-sense 2 weeks ago to help get the public behind the Bailout...they were ignorant of the facts and they were lying.  Media misinformation has been a huge part of the one understands the mortgage market.

Oct 10, 2008 04:00 AM
Kim Murphy
Draper and Kramer - Lombard, IL
Mortgage Loans in DuPage, Kane, Cook, Lake, Will C

Tom and Rich.... The media is a big problem!  They are creating FEAR and not FACTS! 

Oct 10, 2008 01:45 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Kim - Thank you for writing this piece.  The media keeps repeating the "no money available" myth, and some folks believe it.  I know borrowers are being scrutinized a little more carefully now - but that's likely a good thing!

Oct 13, 2008 03:20 PM
Sell A House Fast

The Financial Times has reported a sharp increase in the practice of gazundering. Homebuyers are taking advantage of the housing slump by asking for a cut in the property price at the last minute. It says that most of these offers are now coming in at minimum 10-15 per cent below the asking price!

Nov 01, 2008 03:03 AM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor


I think where we are hurting is the Jumbo mortgages.


Nov 01, 2008 05:33 AM
Dean Akey
Saint Charles, IL

Such harsh words in your title Kim..... Just kidding.  I see quite a few folks getting loans these days and lets face it, it is a buyers market.  I do agree that if you are credit challenged it's an uphill battle but not everyone is credit challenged. 

My suggestion for those folks who are having a hard time getting a loan?  CALL KIM....... Nuff Said...


Nov 07, 2008 01:10 AM