OK. So it has been a while, the way that I market is right now I am just catching my breath after a tough month with a couple tough files. I can't tell clients how important it is to have all your documents in order. W2's, pay stubs, bank statement ( ALL PAGES !!!), verify large deposits from gifts, taxes etc. Cash under the mattress does not work. If you have some put it in your bank or from God's sake at least put it in safe or safety deposit box. I had two difficult loans close recently that was stressful for the borrower because their stories was not together for the underwriter and all their documents where not in order. If you loan is a little more complex than most it can be like a puzzle for an underwriter. The better that we can put the puzzle together ahead of time and explain it to the underwriter the better off everyone else will be.

So here is the deal. Rates are the LOWEST EVER!!!. That is right George Washington could not get a lower interest rate. So what is happening with the mortgage market. Well credit is tight, kinda of. You need to have a good credit score, verify income, and assets and have a down payment. yes people you need to verify income and assets, as if before it was OK that you did not have to. Are you listening SELF EMPLOYED PEOPLE, If you want to get a loan to refinance or purchase a home you have to verify income.

FHA ( Federal Housing Admin) has become a very popular loan program. They are require a 620 minimum credit score, 3.5% down and you can buy all the way up to a 4 unit property.

That is it for now, will be back on monday with the market update.

thanks

Brian McLaughlin