A quick update on loan programs

Happy Halloween!

A quick update on loan programs. Please call with questions.

Agency Jumbo Loans : Loans that are between $417k -500k... your clients have 2 weeks to lock their loans in to get the benefit of conforming jumbo pricing which have lower interest rates than loan amount over $500,000. An agency jumbo loan was part of the economic stimulus program rolled out by the Government in February 2008 and is set to expire at the beginning of 2009. Loans must be locked by November 13th and closed by year end.

USDA:100% financing is still available for your listings in DHS and Coachella and selected areas of Indio through the USDA! No credit score? That’s ok. No mortgage insurance required either. Call me to find out more info.

Cal- HFA (Chaffa) still allows 100 percent financing with a 680 fico or better if you meet the low income requirements. USDA,

Calsters - teacher program. 3% down 80% 1st and 17% 2nd with no mortgage insurance and payments are deferred on the 2nd mortgage for 5 years!

FHA is still my favorite program because it has no income or property eligibility restrictions and is the most lenient for underwriting guidelines. Current down is 3%; however it will change January 1, 2009 to 3.5%. Get your buyers off the fence now!

Canadian/ Foreign Nationals: 30% down with a minimum loan amount of $200,000. Full Documentation with an International Credit Report and reserves with the servicing bank.

Franklin Loan Center provides me the platform to stay competitive for you in this market. In-house local approvals and 30 day fundings! I look forward to working with you soon.

I am NEVER too busy for any of your referrals! Make it a great day.