Today I read a flyer that a competitor sent out that explains their tightening and they explained that much of the industry is doing the same. Read about the changes...
- Expanded Products (Alt-A) - No New Registrations or Locks
- All Non-Conforming (Jumbos) - No more stated programs.
- 2nd Mortgages - Full documentation loans only. 90% CLTV max, FICO >700! No more stand alone seconds.
- Conforming Loans (Fannie/Freddie) - No more stated loans!
Just what we needed, right? Let's make it harder to pre-approve borrowers in a slower market... Hopefully, this does not get out of hand.
And, yesterday I saw a USA Today article that American Home Mortgage was facing bankruptcy.
My advice for buyers and buyers agents is to get a backup lender for your clients ASAP so your deals do not die on the vine. So far, PHH Mortgage has not made these changes so call me fast if you need help or want a great mortgage company backup for security. Things could change any time.
Sam Thompson, PHH Mortgage - Senior Advisor 843-230-7929 - Always selling!
Great Pinehurst Links:
Pinehurst Real Estate - www.pinehurstrealestatenc.com
Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com
North Carolina Horse Farms - www.southernpineshorsefarmsnc.com
Fort Bragg Real Estate - www.fortbragghomesnc.com
