In these very
uncertain times, I just wanted to let you know that some of
us are still up and operational!!!
I can still do "stated income
stated assets" loans with no add to the rate or fee - with
good credit - 720 credit score. Many self employed people
have to do stated income because its hard to find much in
the way of income on their income tax returns. There is a
bill in congress that is trying to quash these loans and
there is a very good chance that it will pass.
We can all expect to see some
big changes in the lending industry in the years to come.
Was it due, yes, however, expect that we will probably see
higher interest rates because of it. Did you know that 20%
of all lenders that were in the business in January, were
gone by July, God only knows how high that figure is now.
They expect that by the end of the year 50% of all lenders
will leave the market. It all started with subprime loans
and has spilled over to all lending.
One of the largest sellers of FHA mortgages is no longer
accepting applications for manufactured homes.
There has become a huge spread
between the conforming loan amount ($417,000) and jumbo
loans. The spread used to be about 20 basis points (or
almost a 20th of a percent). That has changed - its now up
to about .80 basis points and, in many cases, 1%. Is this
just with Liberty Financial? - no, this is across the board
with all lenders. I have a Bears Stearns article I would be
happy to forward to anyone who is interested.
I can also show you ways of
paying off your house early - and no, we're not talking
about bi-monthly payments.
Is this shameless advertising -
sure, it is - but it is also a way of letting you know that
yes, mortgages are still being closed and many of us good
lenders are still in business.
.
Deborah Estridge
Liberty Financial Group
360-286-1165
