Good Morning everyone. I am sorry that you are getting this today instead of yesterday, but I was hiding under my desk from Congress and all the bailout talk.
Seriously, I was out of town yesterday and did not have a way to send until today. I am being asked by a lot of people if anything has really changed in the Mortgage world these days and actually the main things that have changed are:
1) No more “Stated” loans for the Self-Employed unless it is a 75% loan to value or less (usually)
2) The Down Payment Assistance Program on FHA has now gone away
3) Stricter guidelines on “Non-Owner” occupied properties
Other than these major changes, the guidelines have not changed much, however Underwriters themselves are probably being a little more cautious than they were a year ago or even a month ago.
Bottom line is….People with good credit and can prove their income do not have a problem in 95% of the cases. Those without any money or can’t prove their income or their debt ratios are too high, are the ones having the issues getting approved. Of course, I would say that is just simple common sense, but what do I know
Please remember that we not only have Conventional and FHA, but VA and USDA are available still up to 100% financing for qualified buyers.
Thanks
From the desk of
David Lee
President
405-340-3277 (o)
405-340-3627 (f)
405-245-0714 (c)
www.aduddellmortgage.com
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