• Real estate

    Posted on January 25th, 2008

    Written by ed


    Debunking Myths on Available Mortgages

    I’m privileged to have a guest writer making an appearance here at the Gory Details – Mike Colyer, from Countrywide. Rather than try and extol the virtues of what kind of loans are currently available, let me rely on an expert here to be the “myth-buster”

    You see, in a perfect world (or is it fantasy world?) every buyer has 2 years of income which can be proven by tax returns showing enough of that income to qualify for the home of their dreams. While some of us live in this world, most of us are merely allowed a glimpse of it here and there. Unfortunately glimpses don’t pay the bills. Money_tree5_3

    The day to day reality is that the buyer with $25M in the bank shows negative income on their tax returns  — and the Google secretary that has millions in the bank can only prove $80K in annual W-2 income. Does that mean that they should or should not be able to buy the home they want?

    The word on the streets is that lenders can’t do the loans needed to get their homes sold or their buyers qualified. That word would be better characterized as myth.

    Here is a list of the top 5 products that you thought you did have any more!!! and the rates to go with them:

    1.  Loans up to $3M to 70%

    2. Stated income and asset loans for good borrower’s up to 95% Loan Amounts to $500K @ 5.625% !!! NO POINTS

    3. Stated income and asset loans for good borrower’s up to 90% at $1M in loan amount.

    4. Stated income and verify asset loans to 80% up to $1.5M with credit score of 680

    5. Stated income verify asset investment property up to $650K Loan Amount 80% Loan-to-value (LTV)

    Don’t be a consumer or purveyor of false information. Always arm yourself with the truth and knowledge of the best products currently available in the market….Thanks, Mike! (Mike can be reached at www.mikecolyer.com)

    This entry was posted on Friday, January 25th, 2008 at 6:19 am and is filed under Real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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