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. The Fed has lowered rates to lowest in history!

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 increased demand home prices increased.

With change comes opportunity
Today we face reality in terms of what the market can support and what the average borrower can afford. The industry has learned a huge lesson and banks have been forced to tighten policies. The plus-side is that we’ve entered market conditions resulting in an increased number of affordable homes and opportunities.  This has produced a whole new list of buyers and demand. But this time the home price is much lower and the value of homes on the Central Coast is steadily increasing once again.

There is plenty of flexibility regarding loan approvals. This is what banks generally want to see today. 

• Proof of adequate income
• Lower debt ratios
• Bank statements and tax returns
• Fair to moderate credit scores (Some flexibility here)
• Money down (In most cases at least a small amount is required for down payment. But there are programs to help.)

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

Please call me today to schedule a consultation.

 

 

© 2009 Charles Motley. All rights reserved.

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