Jumbo-Conforming Loan Limit
Currently we are licensed to do business in California, Illinois, and Missouri. In April these changes should take effect for our investors. Jumbo-Conforming Limit Read more
MHDC 100% Financing
- A+ Certified Lender
- 5.95% 30 Fixed
- 3% Grant Available
- 100% Financing
- Sales Price Limit: $237,000
- Income Limit: $57,000[1] $65,550 [3+]
- Cannot of owned home in 3 year unless VA Read more
St. Louis Missouri Fixed 2nd Mortgage
- 95% @ 6.91%
- 90% @ 5.91%
- 80% @ 5.91%
- Up to $200,000
- Down to 640 Fico Score
- 30 Year Amortizing
- Avoid PMI
- Jumbo Buster! Read more
Fannie and Freddie adopt new appraisal requirements
Monday an agreement was announced between Fannie Mae and Freddie Mac, the buyers of over 60% of the nations mortgage loans. After a one year probe from New York’s attorney general and the two parties have decided to revamp their appraisal requirements. Cuomo said banks can “Immediately adopt the new code and clean up appraisal fraud in the mortgage industry or stop Read more
Market Watch | Jumbo to $1,500,000 from 3.125% RATES!
Mortgage Backed Securities have been slaughtered the last couple of weeks. The FNMA 30 Year 5.50% bond has fallen -187bp since February 7th when Richard Fisher announced the Fed was more than willing to continue cutting rates because they are really scared of inflation. The bond market fallout resulted in 30 year fixed rates moving from the 5.5 range to the +6.125% today.
There have been some very positive changes in the last couple of weeks for one segment of the market. Last year the investors ran for the hills when it came to Jumbo mortgages of all sorts. Some of them have been coming back!
1/1 Libor I/O Jumbo | 3.125% [1%] | 4.000% [0%]
3/1 Libor I/O Jumbo | 3.375% [3%] | 3.875% [2%] | 4.750% [1%] | 5.625% [0%]
5/1 Libor I/O Jumbo | 4.625% [2%] | 5.125% [1%] | 5.625% [0%]
7/1 Libor I/O Jumbo | 4.500% [3%] | 4.750% [2%] | 5.375% [1%] | 6.125% [0%] Read more
Bush signs the Stimulus Package… Now What?
It’s official. George Bush has signed the stimulus package. What does that mean for mortgages? There has been a lot of talk about the “Conforming Loan Limit” raising to $700,000+. Read more
Real Estate Marketing Flyers
This is a sample flyer that I can prepare for you at no cost. The Flyer should help potential buyers understand that payments can be significantly better than they may think. If you Read more
The ARMs are Back! | 5yr 5.125%… Jumbo 3yr 5.375%
One of the most abused loan products over the last 8 years that I’ve been in the business has been the BC 2 Year ARM with a nice prepayment penalty. I have always striven Read more
Mortgage Insurance credit policy Tightens… again
MGIC [Mortgage Guaranty Insurance Corporation] has tightened its credit policy again [effective March 3, 2008]. The days of 100% financing with credit scores Read more
MHDC 2008A 6.46% Cap 5.99% Non-Cap
The MHDC has announced rates for the 2008A Bond Issue. With the 3% state grant the rate will be 6.46% and without the grant the rate is 5.99%. The bond issue is for Read more