- Collapsing commercial market. Commercial paper falls most ever
- Slow implementation by lenders of loan modification iniatives. Articles
What this means in practical terms
- Appraised values as much as 30-40%(!) low, especially for refi's
- Restrictive lending environment, and tightening up more
- Construction loans virtually unavailable (unless hard money)
- Hard money lenders are raising lending criteria and pricing
- Conventional financing maximum is 90%ltv
- PMI requires 680 Fico
- Higher lending standards and erratic pricing for commercial loans
Good news, opportunities
- Investments with good cash on cash returns available
- Affordable price levels - especially for first time home buyers
- First Time Homebuyer tax credit (must close by Nov 30th!)
- Rehab homes (foreclosures) can be bought with 203(k) loans
- FHA loans, including FHA rehab loans (203k), readily available
- Higher Fico's get lower rates
- Rates are not likely to increase (I think)
Available - Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information - FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Commercial loans
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"To accomplish great things, we must not only act, but also dream;
not only plan, but also believe."