Some good economic news shows the economy is starting to recover and the Fed is buying less mortgage backed securities which means that rates have seen their lows…probably for a long, long time. A melt down in the stock market would give us a brief reprieve, but rates are headed up…BANK on it.
More importantly, for our buyers who need mortgages to buy homes, is the issue of disputed credit accounts. Since credit has tightened, there has been a proliferation of ‘Credit Repair’ companies. The standard practice is to dispute all accounts (whether the bad credit is correct or not) and hope to catch the creditor on a technicality and get the bad credit removed. NO MORE! NOW, Fannie and Freddie will NOT underwrite any loan that has trade lines reported as ‘disputed’. So, while credit repair might remove some of the bad accounts, if any of the trade lines still show up as disputed, YOUR BUYER can’t get a loan! Yep, my guess is that the credit card companies had better lobbyists than they credit repair people. So, BEFORE you send your buyers to credit repair, SEND THEM TO US. Credit repair is now VERY tricky and time consuming when it comes to getting a mortgage. Don’t loose a buyer by letting them go it alone.
STATE BOND MONEY HAS BEEN RESOLVED FOR FHA BUYERS! SORRY TO PUT THE CONCERN OUT THERE LAST WEEK, BUT THE BOND AUTHORITY HAS BEEN ABLE TO GET IT WORKED OUT, AND THE MORTGAGE CLOSERS & POST CLOSERS WILL HAVE A BIT MORE WORK. The Bond Money is moving so if you have a buyer that is interested in receiving this assistance they can possibly still get it, I recommend a 45 day contract which might put them past the November 30th close date, so they may not be able to get the tax credit.
Please give me a call if questions or if you need to have a buyer pre qualified for a Mortgage!!!
Make it A Great Weekend!!
Thank you,
Ted Clay
Sr. Loan Consultant
Office: 405-341-8644
Cell: 405-826-1320
tclay@wrstarkey.com
www.TedClay.com
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