You Can Still Get A Mortgage!

It's been sometime since I last "blogged". I've gone through some serious personal issues with my Dad. I am going to do my best to provide new posts at least on a weekly basis going forward.

Since my last post, the mortgage and credit markets have continued to tighten, the economy has worsened (in my opinion), gas prices have sky-rocketed, mortgage rates have risen, and banks have frozen existing lines of credit due to the declining real estate values. It's been quite a year!

There is good news, though! YOU CAN STILL QUALIFY FOR A MORTGAGE!

That's right! Customers with decent credit can still easily qualify for a new mortgage provided they can document their income, assets, and put down at least 3% of the purchase price. This really isn't too much to ask! Many, not all, of the current foreclosures are due to customers with poor credit qualifying for Stated Income or No Documentation loans that they (in hindsight) should never have qualified for in the first place. It's unfortunate but the customers should also have realized that they couldn't afford these loans.

The people who are being unfairly impacted in this new market is the business owner with great credit, who legitimately makes money but can't show it the way a salary worker can. This is the person that Stated Income loans were originally created for.

The market, while being difficult, is really normalizing back to the way it used to be. When I purchased my first home in 1991, I put down 20% of the purchase price, showed the bank 2 years of W2's along with current pay stubs, bank and brokerage account statements showing my cash reserves and where my downpayment was coming from.This was expected and not considered unreasonable.

Bottom line - salaried workers with good credit can still qualify for mortgages. And, it's a great time to be buying real estate.

Visit my website at http://www.stevehawk.biz or send me an email if you're interested in learning about your mortgage options.

Have a great week!

Sub-Prime Mortgage Alternative

Many mortgage customers with less than perfect credit are having a lot of difficulty qualifying for homeloans in today's lending market. I have discovered an alternative with a lender I have access to who will qualify customers with very low credit scores for low interest, FHA , fixed rate loans. This is a tremendous product for homeowners who are currently in high interest rate adjustable mortgages and for new homebuyers who don't have great credit, for whatever reason. Feel free to contact me for more information.