Mike's Financial Blog

Have you heard, the government is helping people stay out of foreclosure and get out of bad loans? Part of the stimulus bill included The Home Affordable Refinance. For people current on their loan who may be a little upside down there is hope! I say “might” because the window is fairly narrow and the refinance program is a new loan obtained through regular mortgage channels, i.e., Me! It depends on if Fannie or Freddie owns your loan. I can figure that out for you. You may even qualify without an appraisal or without documenting income! However if your payments have not been on time then you may need to look into a loan modification. If you think you are upside down but have been ontime on your payments contact me to see if the Home Affordable Refi will work for you!

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It’s not very often low home prices coincide with historic low rates. I'm here to help you get in on these great deals. Don't think you can qualify? The truth is you can buy homes with 10% down, 5% down, 3% down even
No down in some case. And yes you can qualify! As long as you have ok credit and some income...   With 3.5% down ppayments and credit scores accepted down to a 620 or lower it just as easy as it was in the 90’s. Since 100% financing is only available through limited government subsidies, many people are going the old fashioned way, gifts from relatives! In fact many people are simply waiting and saving up the down payment themselves...Gasp!

The news would have you believe that “credit has tightened” and banks aren't lending”. This is true when you are talking about commercial, auto and student loans, but not when it comes to residential mortgages. OK so long gone are the no income, no money, no credit loans. That still leaves everything else! And we probably won;t see deals this good in our lifetime.

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