By now I’m sure that most of you have heard of the recent government bailout plan that is being worked up. At first it was a limited condition plan for over $700 billion, well that has died and is now being worked up in a revised version. So how will this affect you?
Well, first you have to understand the reason why…why is the government spending $700 billion right now when our economy is hurting? Well the simplest answer is that if they don’t step in, we would see a complete destruction of the economy, even from its current state.
As it stands right now, lenders are (out of necessity) tightening up there guidelines on their loan programs. I’m sure you have experienced this if you have tried to qualify for a home recently. This is one of the main reasons for the government’s actions; plus they need to bailout these companies and get some bad “paper” off there books. Therefore taking the pressure off of the companies and opening up the market to encourage growth.
Now, don’t think that the government is just paying some money to get companies back on their feet…oh no, they are taking over assets as a result. The biggest assets will be existing home loans. They are taking over current homes that may be in default. Now how they treat these defaulted loans is yet to be seen…and will determine the future direction of the economy.
So for now, it would appear that this will help benefit our economy (as seen from today’s stock market gains). The most important thing is that it should free up some lenders to start lending money…but you can be sure the guidelines will still be tight. Not as tight as they have been over the last 12 months, but tighter than they have been in the distant past.
I want to let you in on a secret…actually I have completely run out of space, so I will have to let you know next week. Sorry ;)
Showing posts with label loans. Show all posts
Showing posts with label loans. Show all posts
Thursday, September 25, 2008
Friday, June 6, 2008
Opportunity for Low Credit Score Borrowers with FHA
You know, lately the word on the street is that if you have slightly bad credit you will be unable to qualify for financing. Whether you’re doing a purchase of a new home or refinancing your existing loan, if your picture is less than perfect you’re out of luck. Well, now you have a solution!
Up until about 6 – 8 months ago I may have agreed with you, to some extent that the market was gone or is going away for “sub prime” borrowers. But now in today’s new lending environment the government, of all organizations, has stepped in to offer a solution.
FHA, also know as the Federal Housing Administration, is now the official reigning champion over the sub prime lending industry. They offer lending solutions for borrowers with less than perfect credit. However, the highlight of using FHA for financing is the range of service that they offer.
For example, if your not quite sub prime but you’ve had a few blemishes in the past, FHA just might be the solution. With an FHA loan you can have access to the same competitive pricing that “Prime” conforming borrowers have but without being concerned about fitting in a qualification box.
The truth is that I have more and more clients that come to me looking at their options for a rent to own that end up getting pre-approved for FHA financing. Now they are able to purchase a home of their own when they never thought they could even qualify in the first place.
FHA loans are a true manual underwriting process, which means that if the loan makes sense to the underwriter, they will approve you. There actually are very limited guidelines and each loan is on a case by case basis. You need to work with a good Loan Officer that is familiar with FHA and the process of getting you approved.
It would be very difficult for me to write out each thing to look for with an FHA loan, so if you have questions about utilizing this loan for you, feel free to give me a call and we can discuss your options.
Dedicated to your financial success!
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Land Home Financial Specialist
License # 510-LO-36929
http://www.empireoptions.com/
Up until about 6 – 8 months ago I may have agreed with you, to some extent that the market was gone or is going away for “sub prime” borrowers. But now in today’s new lending environment the government, of all organizations, has stepped in to offer a solution.
FHA, also know as the Federal Housing Administration, is now the official reigning champion over the sub prime lending industry. They offer lending solutions for borrowers with less than perfect credit. However, the highlight of using FHA for financing is the range of service that they offer.
For example, if your not quite sub prime but you’ve had a few blemishes in the past, FHA just might be the solution. With an FHA loan you can have access to the same competitive pricing that “Prime” conforming borrowers have but without being concerned about fitting in a qualification box.
The truth is that I have more and more clients that come to me looking at their options for a rent to own that end up getting pre-approved for FHA financing. Now they are able to purchase a home of their own when they never thought they could even qualify in the first place.
FHA loans are a true manual underwriting process, which means that if the loan makes sense to the underwriter, they will approve you. There actually are very limited guidelines and each loan is on a case by case basis. You need to work with a good Loan Officer that is familiar with FHA and the process of getting you approved.
It would be very difficult for me to write out each thing to look for with an FHA loan, so if you have questions about utilizing this loan for you, feel free to give me a call and we can discuss your options.
Dedicated to your financial success!
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Land Home Financial Specialist
License # 510-LO-36929
http://www.empireoptions.com/
Friday, April 25, 2008
Is Your Bank Qualified to Work With YOU?
Hi there. It’s Kenton again. I want to share something with you, something that you may not be aware of. It may even be something you have never heard of until now. Is your bank or loan officer qualified to work with you? Now, some of you may immediately say, “Yes, but my credit is shot; I don’t have a down payment and so on”. My next question is, “who told you your credit is shot, who told you that you don’t have enough down payment?”
I’m guessing the bank or loan officer told you this. So how do you really know if your bank or loan officer is qualified to work with you? Not all loan officers and banks have the same access to programs, and these programs (that you may not be aware of) can help you get into a home today, rather than go through a lease option.
I deal with many clients that come through our lease option program convinced that they are unable to qualify for financing and honestly for some of them that may be true. But I also find that there are many that fit a variety of loan programs that we offer. Now, I must admit, I am a loan officer and I do work for a Bank / Brokerage but the difference between us and them, is the variety of service that we can offer our clients. Seriously…we can help everyone from the “really” qualified conforming loans, to the FHA government loans, VA loans, 1st time homebuyer state regulated loans…and yes, if you can’t get financing, the lease options. In fact there are not too many clients I come across that we can’t help.
So based on this information, have you really given your credit a shot, or your down payment. Did you know that there are loan programs out there that have less than $500 down payment (did your loan officer tell you that?) Or how about no credit score requirement? These are all different tactics that I use to help each of my clients achieve home ownership.
So don’t take “no” for an answer. Make sure you explore all your options before you settle with a solution. Remember, if you have any questions I’m here to help, I think you will find that I am more than qualified.
Dedicated to Your Financial Success,
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Land Home Financial Specialist
License # 510-LO-36929
http://www.empireoptions.com/
I’m guessing the bank or loan officer told you this. So how do you really know if your bank or loan officer is qualified to work with you? Not all loan officers and banks have the same access to programs, and these programs (that you may not be aware of) can help you get into a home today, rather than go through a lease option.
I deal with many clients that come through our lease option program convinced that they are unable to qualify for financing and honestly for some of them that may be true. But I also find that there are many that fit a variety of loan programs that we offer. Now, I must admit, I am a loan officer and I do work for a Bank / Brokerage but the difference between us and them, is the variety of service that we can offer our clients. Seriously…we can help everyone from the “really” qualified conforming loans, to the FHA government loans, VA loans, 1st time homebuyer state regulated loans…and yes, if you can’t get financing, the lease options. In fact there are not too many clients I come across that we can’t help.
So based on this information, have you really given your credit a shot, or your down payment. Did you know that there are loan programs out there that have less than $500 down payment (did your loan officer tell you that?) Or how about no credit score requirement? These are all different tactics that I use to help each of my clients achieve home ownership.
So don’t take “no” for an answer. Make sure you explore all your options before you settle with a solution. Remember, if you have any questions I’m here to help, I think you will find that I am more than qualified.
Dedicated to Your Financial Success,
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Land Home Financial Specialist
License # 510-LO-36929
http://www.empireoptions.com/
Subscribe to:
Posts (Atom)
