Real Estate Forums

Las Vegas Real Estate · 01-03-2006, 05:06 PM

Okay mortgage pros, how about an upadate on the loan business? Any new programs looking to come out? How about your thoughts on rates?

monnot · 01-19-2006, 04:34 PM

Some of the newer stuff that has happened recently is a 40 year option arm.
Fannie Mae has increased the amount of collections that a borrower can have ($5000) before they have to payoff anything.
There are a lot of lenders getting more aggressive with the b/c so if you have some people with real bad credit I am finding 100% programs down to 520 scores and things like that. These are not the nice easy deals but if we start to target these individuals that will mean more deals for everyone.

REMAX LV · 01-25-2006, 02:57 PM

Well, in my opinion, anything that can qualify a 520 credit score is inventive! What types of programs are you seeing the most of? Also, What real estate market are you in? How do you think that the programs vary form state to state?

monnot · 01-25-2006, 03:16 PM

The programs that I am seeing the most of right now are the bad credit people so a lot of the 560-580 credit scores buying homes. The markets are slowing down and the sellers cannot be as choosy about who they are selling to. Most of the homes where I am living have been sold for cash or significant down payments making them very strong deals but those seem to be going away for a little while. About 3 weeks ago I just closed on a person who had a bk about 3 months prior at 100% stated income and they were ecstatic to get the loan, the agent thought he was wasting his time, & the sellers were happy as well as they knew their situation.

I am in Bradenton/Sarasota Florida market (but lend in all 50) which has been one of the hottest in the country the last 2 years. Good times but it is time to work as the deals are not just falling in our laps anymore.

The programs do not vary from state to state but I am sure what you mean is certain markets like certain programs. I am from Wisconsin and it was very conservative. Absolutely no one wanted to be in an adjustable mortgage let alone an option arm or an interest only product. Here in Florida the option arm was big but virtually every loan is an interest only just because the incomes are not that high and the properties average over $400,000. I have a loan officer in San Fran and same thing as people have a hard time affording the prices. Another loan officer in Chicago again is a lot more conservative but more interest only than I experienced in Wisconsin.

Let me know if you have any other questions.
Mike

breyes · 04-03-2006, 07:58 AM

rates continue to go up, i don't see them doing anything for a while since the last one, according to the news. i have noticed that sub-prime lenders are getting somewhat aggressive, 580, no trades @ 100%, this is pretty big in michigan, especailly in detroit. conforming side the rates are still pretty decent, 30 yr fixed @ around 6.5%. some people are going to the int. only to drop the paymts and afford more house. i'm from michigan, but we lend in all 50 states. if you need help w/ a client give me a buzz, the mortgage side is getting very competitive and we'll try to make things happen.