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THIS IS A GREAT MOVE-UP MARKET!

Yes, there are a number of properties on the market. You might not earn as much as you would like when listing your home but you can gain the difference back when you purchase your next home. Mortgage rates are low and there are nice properties to choose from. I'm looking for a new home myself and I am not concerned about selling our current home- I won't make as much as I could have but I can get a much better deal on the next home! This is a great market for first time home buyers and to move- up to your next dream home. If you have kids in college think about buying a home for them to live in as an investment rather than paying money towards a dorm.



LENDING

The news broadcasts, newspapers and magazines would like us to believe that we are in a "mortgage crisis" and that you must have perfect credit to purchase or refinance a home. This is simply not true. Yes, you need to have better credit than previously and you might need to have some money to purchase a home but there are still home loan programs available. Some loan products have gone away but FHA loans have returned. Keep in mind that fear and panic sell newspapers and people will ALWAYS buy and sell homes :-).


80/20 FINANCING AND 0 DOWN PAYMENT LOANS:
There have been no changes at this point. There have been no changes to the underwriting of these loans. SUB PRIME LENDING: It is very difficult to get a 5 or 10% down loan approved through sub prime lending right now. Sub Prime will survive but the investment community is looking for 15 to 20% down for people with marginal credit. FHA has been approving loans with marginal credit for years at a far better rate of interest with very little down. We have an alternative.


PORTFOLIO LENDING:
This type of financing was popular in the 80's and 90's. We have had great success getting loans that do not qualify by normal industry standards approved and closed using this type of financing.


NO DOC AND STATED INCOME LOANS:
This type of financing is changing rapidly. The secondary market does not want to buy the loans. I anticipate the program will survive with major changes. There is portfolio lending that can be used to replace this product and knowing how to read a tax return and package a loan is relevant. It is still a great time to sell and buy a home! You might not be making as much as you were but you are not paying as much for a home either. Homes that show well and are staged (Service with every listing) and priced appropriately are STILL selling. The interest rates are traditionally low and it is a great time to buy a home. Please call if you have any questions in regards to this information or anything else I can help you with.