What’s all the fuss about?
 
No doubt you’ve seen the headlines referring to a “mortgage crisis” but don’t be mislead into believing you can’t get a great rate. There are still great rates and even down-payment assistance programs available to qualified buyers!

Much of the recent problems in the mortgage industry stem from poorly disclosed closing costs, ill applied adjustable payment plans and overuse of “stated” lending. (A “stated” loan means that barrowers were allowed to simply “state” their income, but did not have to prove it). As one would imagine, these practices allowed many to purchase homes that they could not otherwise afford.

With change comes opportunity
Today we face reality in terms of what the market can support. The industry has learned a huge lesson and banks have been forced to tighten policies. The plus-side is that we’ve entered more “normal” market conditions resulting in an increased number of affordable homes and opportunities.

There is still quite a bit of flexibility regarding loan approvals, but generally,  this is what banks want to see today.

• Proof of adequate income
• Lower debt ratios
• Bank statements and tax returns
• Good credit scores
• Money down (In most cases. But there are programs to help with a down-payment)

The only way to know if you qualify for a loan is to apply. 

Please call me today to schedule a consultation.

 

 

© 2007 Charles Motley. All rights reserved.

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