Did you think 100% financing was gone for good?
One of the major local banks in the cities of Dallas, Frisco, Plano, McKinney, and other surrounding cities has done some risk analysis and decided on a safe target market for 100% financing options. In addition, they have chosen Service First Mortgage as one of the only lenders in North Texas to offer the loans.
Why is it you haven't heard anyother lenders or banks offering this?
Remember, Service First Mortgage was number 11 in top 25 lenders for loans originated in Dallas Fort Worth last year, and with the collapse of a couple of them, we are more near #9 on that list. Loan volume coupled with the high integrity and high level of experience SFMC has a track record for, we are privileged to be in such a situation to be hand picked for this opportunity.
Is there a "mission impossible" type qualification necessary?
NO! Credit Scores as low as 620 may be accepted within this new program. Debt ratios between 41% and 45% are accepted. You DO NOT have to be a first time home buyer. The income can be 140% of AMI (Average Median Income), but they do not have to use the "household income". This means that if the wife and husband make more than the 100% median income, but just one of the borrowers can approve for the home on just their income, we only have to use that income to determine if they are under the median income.
What kind of loan is it?
30 year fixed fully amortized loans
Conventional Programs
MyCommunityMortgage 97
MyCommunityMortgage 2-unit
HomePossible 97
Flex 97 ₁
Flex w/subordinate financing ₁
That means that the interest rate will be that of what the market is today for other minimum down payment loans.
Call for mortgage quote, Brad Lynch-469-450-2723
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Showing posts with label bond market. Show all posts
Showing posts with label bond market. Show all posts
Tuesday, October 28, 2008
Friday, September 19, 2008
Government Makes Ends (profit) AND Helps Banks With Toxic Mortgage Assets - Title Inspired by CNN Money
Ok, for the Layman's terms...that's how I "roll". I put it in terms YOU can understand.
Govie (Government, Washington, Uncle Sam, etc...) has got a plan. Treasury Secretary Henry Paulson (money organizer of Government) has suggested that Govie buys the "toxic" mortgage assets from American banks at a discount. This means that the banks can unload their risky mortgage assets to the government for less than what they are worth, but expectantly better than what those assets are worth after the next wave of defaults comes through...the bank can stand to loose a calculated amount, but possibly not an unforeseen/unexpected amount that might occur in foreclosure costs. This way, banks stand to have a higher probability to make it through this U-G-L-Y situation. Now, I like the idea of the plan for a simple reason. First, I'm not an economist and therefore it's my opinion. I like it because our government has taken on some major liabilities in the very recent past with the Fannie/Freddie help, bailing out big player lenders, war, etc... It's obvious that our government has the strength and money to help everyone when times call for it. A good example of a sign that might show that, is this; Me and you are not economists, so we have to look to signs of those people in our world that are, to see what confidence they have in our Govie for help. Well, when Henry suggested this option to help, stocks blew up like 400 points. If stocks are going up, that means the people who are economist and ARE in the "know", are momentarily confident. Back to why I like this. Since the government is buying these mortgage assets for "cents on the dollar", they stand to make a profit when the market turns around. You catch that? I'm ok with Govie making "ends" (ends=money or profit) on such a scenario so that they can reimburse themselves for the spending they have done to get our economy back to par, so that the next time our economy is against the ropes, they'll have the money power to dig America out again.
Oh by the way, rates terrible today because of all this. Remember, whats good for the economy isn't usually good for our mortgage interest rates. If you wonder why, search my archived blogs that explain that.
Brad
Govie (Government, Washington, Uncle Sam, etc...) has got a plan. Treasury Secretary Henry Paulson (money organizer of Government) has suggested that Govie buys the "toxic" mortgage assets from American banks at a discount. This means that the banks can unload their risky mortgage assets to the government for less than what they are worth, but expectantly better than what those assets are worth after the next wave of defaults comes through...the bank can stand to loose a calculated amount, but possibly not an unforeseen/unexpected amount that might occur in foreclosure costs. This way, banks stand to have a higher probability to make it through this U-G-L-Y situation. Now, I like the idea of the plan for a simple reason. First, I'm not an economist and therefore it's my opinion. I like it because our government has taken on some major liabilities in the very recent past with the Fannie/Freddie help, bailing out big player lenders, war, etc... It's obvious that our government has the strength and money to help everyone when times call for it. A good example of a sign that might show that, is this; Me and you are not economists, so we have to look to signs of those people in our world that are, to see what confidence they have in our Govie for help. Well, when Henry suggested this option to help, stocks blew up like 400 points. If stocks are going up, that means the people who are economist and ARE in the "know", are momentarily confident. Back to why I like this. Since the government is buying these mortgage assets for "cents on the dollar", they stand to make a profit when the market turns around. You catch that? I'm ok with Govie making "ends" (ends=money or profit) on such a scenario so that they can reimburse themselves for the spending they have done to get our economy back to par, so that the next time our economy is against the ropes, they'll have the money power to dig America out again.
Oh by the way, rates terrible today because of all this. Remember, whats good for the economy isn't usually good for our mortgage interest rates. If you wonder why, search my archived blogs that explain that.
Brad
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Testimonials & About Me
- Brad Lynch
- Frisco, Texas, United States
- In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.
