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ya know do any of you work for a mortgage company or broker? I do, im a processor and my company does very well. we do not pray on people. never have. the people who started this mess are pretty much closed up... so now us little guys have to suffer due to all of this mess. i hope they dont go bankrupt. do you realize all the little people like myself who gets laid off and possibly loses their house? yes we will be hit big time by this new regulation of hits. we take the hit. we try not to charge our borrowers.
Your company must have some really FAT nets to absorb hits like Fannie is going to be dishing out.
no actually we dont. that was the whole point of my message. we will be out of work. we were an honest company but because of greedy people who have to have houses across the world. 3 stupid suv's in there driveway.wear $700 suits and keep up with the jones's we get hit. just like home depot and lowes pushed the mom and pop stores out of business small local companies will be closed too. people like me who have excellent credit and good equity in my home will be hit.. a loans will now be bad loans. it makes no sense.
There are new pricing hits....and it seems that you will need a 740 credit score to avoid most of the hits.
The way to read this is...
(This is an example, and not real rates or scenarios)
If you have the best credit, and a great down payment your rate will be
5% with no points.
If you look at the matrix sheet, and see that 'your' hit will be 0.5%..
This means that you can get the 5% rate...but you will need to pay 0.5% in points OR you can probably take a higher rate with no points.
It maybe 5.125% or 5.25%.
'Your hit' means you will need to apply your credit score on the graph, and down payment.
If i'm reading this right, i will have no points to pay (100% 30 year fixed, score 719)?
You mean super mansions, and 50 SUVS...and 10k suits.
The ones who are getting richer are the executives at Fannie & Freddie.
They make millions!
Quote:
Originally Posted by deb8997
no actually we dont. that was the whole point of my message. we will be out of work. we were an honest company but because of greedy people who have to have houses across the world. 3 stupid suv's in there driveway.wear $700 suits and keep up with the jones's we get hit. just like home depot and lowes pushed the mom and pop stores out of business small local companies will be closed too. people like me who have excellent credit and good equity in my home will be hit.. a loans will now be bad loans. it makes no sense.
the way I see it, it's bad business for the lenders....fewer mortgages means less money for them. They NEED money now. What a bunch of idiots. I look forward to the day when many of them go bankrupt.
Restoring investor confidence is very important for the lenders and they can throw the sub-prime borrowers against the FHA wall and see what sticks.
It's funny ... my husband is a veteran so, we've used VA financing for all of our mortgages.
During the boom, we had realtors and brokers shun us from using the VA because they couldn't rip of us off loading up on fees, etc. (Of course, we used our VA loan anyway).
One realtor flat out told us to leave a property she was showing us ... all because of the VA loan ... it was unbelievable.
Now that credit is so tight ... those same realtors and brokers love the fact that we have VA financing because it's a government guaranteed loan ... and there won't be any problems getting it approved.
that's not what VA guarantee means.
You still need to qualify for VA just like you would with FHA.
With VA it's harder to qualify for than a FHA mortgage.
VA is the only loan that is guaranteed insured when it goes into default.
It doesnt mean that the veteran is 'guaranteed' to received this loan.
A lot of realtors hate VA loans because it is one of the hardest loans to qualify for. They have property guidelines which usually kill the deal.
When applyin for a VA loan, make sure to use someone who is knowledgeable or you will be in for a nice rollercoaster ride.
Quote:
Originally Posted by sheri257
It's funny ... my husband is a veteran so, we've used VA financing for all of our mortgages.
During the boom, we had realtors and brokers shun us from using the VA because they couldn't rip of us off loading up on fees, etc. (Of course, we used our VA loan anyway).
One realtor flat out told us to leave a property she was showing us ... all because of the VA loan ... it was unbelievable.
Now that credit is so tight ... those same realtors and brokers love the fact that we have VA financing because it's a government guaranteed loan ... and there won't be any problems getting it approved.
My, my ... how times have changed.
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