The sky in NOT FALLING!

Credit Update!

Do not believe everything you hear on the NEWS! You are witnessing a POLITICAL tug of war right now.

I have had several of my business partners (Agents) call and ask me if it is getting harder to lend money…here is the bottom-line, you can pass this information off to your clients & prospects if you wish.

FHA is financing 97% of the purchase price. SunTrust is STILL financing 95% second home. The Mortgage Insurance companies have put higher credit score requirements in place, but the biggest challenge would be on 2^nd home and investor properties with most of what I have been seeing for second homes credit scores being over 680…NO PROBLEM… otherwise we FHA for lower scores on primary home, and get a better rate anyway.

THE SKY IS NOT FALLING!

• USDA & VA is lending 100%. For information on Rural Development, feel free to call me. You will be surprised to know how much of our area qualifies for that product.

• Fannie & Freddie…Like I said, we still do 95% financing on both Primary & Second home

• Jumbo Money…Still available and strong.

I saw a report the other day that showed that the national sale price had only dropped 2.2% over the last couple months. (CNBC) That is great news, and shows a potential bottom.

courtesy of ed bucchino