Tough Market!
Subprime meltdown now
bleeding over into the the ALTA-A and A paper market segments. Major
lenders are
are now reporting liquidity
problems and that is prompting the shortgae of available credit and
products as opposed
to just a few weeks
ago. The Mortgage industry
is choppy and
underwriting has tightened. (The Media is no help
either!)
I for one cannot predict when this will
turn around, I
expect it may get worse before it get's better. We can still do high LTV
FHA refi's and
streamline from 575 Fico as
long as loan is FULL DOC. Loan amounts depends
on area. (high 362,790). Stated income W2 wage
earner
earner products all but
vaporized. Stated income/asset deals now must be self employed
generally to 80% max LTV 680 min fico. This is
one hell of a
perfect storm we all
have to
weather!
What does it mean for
you?
If I were a subprime
borrower needing to refi out of an ARM, I wouldn't wait.
If you can go full doc try us with FHA, remember FHA Loan
limits
(depends on area. right now
it is approx 362,790 for most of our
areas.
Subprime rates
are going higher not lower and lenders have significantly
tightened
underwriting or gone out of business and
programs like 100% financing and high LTV stated income on refi's /
purchases are
drying up fast. So if you have a pressing
issue and are
hoping the market in subprime or ALT-A
will improve, I got
bad news, It won’t,
Anytime
soon!. So get your apps in , get into a fixed
rate if possible or long term ( 5-10 year)
ARM.
Products!
We still have got some high
LTV subprime products for refinance (Up to 90% with cashout)
Full doc 620 fico. We can still
go to 90% in stated income
cashout refinances for self employed borrowers only, not W2's. And
still can do 97% LTV for certain full doc purchases,
even if your fico is
in the high
500's. Here's a short list of available products, so act today!
Because they may be gone
tomorrow.
*90% LTV
Financing Purchase Money mortgage / Full Doc only Up to 5%
seller credit (Conforming to
417K) 85% LTV (Stated income
w/Assets,
self employed not
W2)
* FHA
to 97% cashout refi or purchase. Restrictive loan amounts
and Full Doc only, but great rates, even for subprime fico's under
600.
*Construction Loans
convertible to fixed rate financing up to 90% on residential 1-4
family
*Deed transfers (No
Seasoning to 90% Cashout)
*Chapter 13
buyouts for Homeowners with 12 months provable on time mortgage history with
Trustee
*Consumers in open credit
counseling to 85% LTV cashout
refi
*Bankruptcy 1
day out of discharge cashout refi to
90%
Need to sell fast
for quick cash visit our affiliate at http://www.cashyourhouseout.com
Call me today at
718 925-9471, I'll prepare a FREE Analysis to see if a
new mortgage program could benefit you.
