I don't work in real estate really but am doing some 'things' in real estate right now. Things are getting tough,huh? I am buying two properties in CA, and god they ask for everything short of my firstborn nowadays.proffessionals. sorry for not making myself clear.
That is very funny. Things are bad but not that bad for us. We can still to do 100% down to 620 and 95% down to 580. Not bad for the market we are in. We are also getting Alt A and FHA soon here on the subprime side. Its funny everyone else is dropping Alt A and the Chase gods are blessing us with it.:thumbsup:New mtg lending guidelines
Very Important- Guideline Changes Effective August 8, 2007
* All borrowers must have one blue eye and one brown eye to qualify.
* LTV > 65% SIVA requires minimum credit score of 849.
* For all LTV > 65%, 360 months of payment reserves now required.
* Borrower's must have no previous bankruptcies in their family history
going back three generations.
* A minimum of 25 years self-employment history now required for all NIV
Programs (at same location).
* Minimum Credit Score for Subprime Loans raised to 720.
* All non-arm's length transaction borrowers (mortgage, real estate
professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and a minimum of 12 hours of interrogation by the Department of Homeland Security.
Please note that these changes will go into effect within the next five
minutes. So please lock you existing loan immediately. All existing loans in your pipeline must fund by noon tomorrow.
We apologize for the inconvenience. We realize these are tough times in
the mortgage industry for all of us. Be assured that we have a commitment to
remaining strong and weathering out the storm. We ask for your understanding and cooperation.
There are some real winners in the industry. When the refi boom took place mortgage companies where hiring anyone who spelled their own name right on their resume. The thing that kills me is those are the same people making well into and over the 6 figure income and some even 7! Now those people are back selling Chicago cutlery and Kurby vacs door to door. If you have any challenged customers PM me and I will work some magic! We have a lot of agressive programs still.I'm a Realtor in the MPLS area and it's tough here too. On the listing side, sellers just won't take the hint that they can't get what they could 3-4 years ago. You can show them 25 comps for their house priced 30k less and they still don't get it! I won't even take a listing now if the seller is unrealistic. It's just a waist of my time and money. On the buyer side, the mortgage crash is taking so many buyers out of the pool. The ones that can qualify think they can get the Taj Mahal for 200k and have the sellers wipe their asses just for good measure! On the up-side...this market should rid everyone of the glut of competition. Agents and mortgage brokers are dropping like flies. So in the end for those of us that can hang on, we should all prosper.