New Programs

I know many of you have heard me say that there are new changes coming. Now that April is here, we should start to see the new "stimulus package" guidelines. I've only received one set of guidelines from a lender so far and no pricing from anyone. We still have another week or two before you'll start to see the guidelines.

I still urge everyone to start the refinance process. Even though I don't know the exact guidelines or pricing yet, it's best to get started now. If you thought the lenders were backed up when just the rates dropped, imagine what's going to happen when they get flooded with a bunch of new loans with guidelines that no underwriter has ever used before.

Some of the features are loans that on just the first mortgage can go up to 105% loan to value, streamline refi's with little or no documentation, first-time purchase credits, no minimum credit scores, no mortgage insurance for loans over 80%, AND MORE. There will be changes along the way and each lender can overlay any additional guidelines they want. Assuming that pricing stays where it is and there isn't a lot of additional hits, this is going to be great for home owners.

Feel free to email me, willie@1bearfinancial.com , or call 818 264-0999 to find out more or just to see what you'll need to get ready. This is the first time I've been excited about up coming changes in our industry. I'm not and I hope that you all don't get too excited because until we see what really happens we don't know for sure... But even if this means one person can capitalize on these new programs it will help, at least me :) Seriously, these programs do look to help lower the average person's monthly payments.