Mortgage Blog

May 25th, 2011 5:29 AM

There seems to be a little bit of good news in the world of mortgages. Some lenders I work with have lowered their credit score requirement down to 600. I can finance single wide mobile homes again, and the down payment on a 2nd home went from 20% down to 10%. This is the first time in about 2 years that I have seen guidelines loosen up. And interest rates on a 30 year fixed rate mortgage have dipped down into the mid 4's.

All the predictions I have been reading say that 2011 is going to be a slow year but 2012 will see a substantial increase. The MBA (Mortgage Bankers Association) recently revised their 2011 and 2012 purchase forecasts to be $488 billion and $775 billion, respectively.


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Posted by Susan E. M. Parvis on May 25th, 2011 5:29 AMLeave a Comment

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April 12th, 2011 9:20 AM
Did you know that you can still get 100% financing? If the property and borrower(s) are eligible, USDA loans require no down payment. To be eligible, the property must be located in a "rural" area (most of upstate New York is!), and the borrower(s) must not exceed an income threshold.

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Posted by Susan E. M. Parvis on April 12th, 2011 9:20 AMLeave a Comment

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