Home lending update 03.27.2020, a must read.
I am not here to spread doom and gloom, just wanting to make sure we do the very best for every client. I believe in complete transparency in my mortgage business and you deserve transparency.
Conventional lending has no immediate changes other than some additional reserve requirements and they have greatly relaxed appraisal requirements. All 680 and above borrowers (Conventional,FHA,VA,USDA) are still in great shape for fantastic rates, but this creates an excuse for other lenders to price gouge so call around.
Currently suspended are Non-QM lending and the majority of Jumbo mortgages. Ginnie Mae (GNMA loans are FHA/VA/USDA) just made an announcement that certain loans with scores ranging from 500-619 are suspended. For 620-659 scored borrowers that are not already locked or submitted, these loans will now have additional fees required and, depending upon lender's choice, may choose to not lend to certain scores, cutting off at 620, 640, 660. To ensure the best possible rates during this tough time you must shop for the best rates and fees. Most large lenders in our market have only 1 investor, maybe 2 investors, to shop your rate with. I have access to over 20 lenders and each one of them markets the rates differently so it pays for you to shop. I am working a minimum 18 hour days for the last 2 weeks shopping the best rates and terms for you to ensure this virus doesn't negatively affect you. Realtors - not that you don't already have a full enough plate - I can only suggest for your borrowers' sake, help them by shopping for the best possible rate and fees; this could actually require a spread sheet because every lender's rates are all over the place right now. All lenders have volume quotas on a monthly basis each to fill. You can actually, by shopping, save yourself as much as an entire 1% and possibly several thousands in fees this helps them fill their quotas. We are all trapped in our homes, let's make sure we are getting the very best for each and every one of our clients, make that call today, tonight, whenever - I am at my desk. This too shall pass. This is only temporary. I will guarantee I will find the best rates and fees because I have no needed margin of profit, let's just find the best loan and fees. I much like you, I am just looking to survive this bump in the road. 314.607.8551 or 832.384.8900 lending in Missouri and Texas.