Mortgage loans still available

March 3, 2009
Matt Isleib

 

Long gone are the days of stated income loans or no doc loans. In today’s market if you cannot document your income or assets you are just about out of luck. There are a handful and I really mean a handful of lenders that entertain no income or asset type loans. If you are able to find one it is because they are a portfolio lender. Aside from being lucky enough to find this type of lender do not expect the rate to be anything close to where conventional rates presently are. Expect close to or around double digit rates.

 

Here is what is left in the way of financing:

100% Financing

-Qualified VA loans

-Qualified USDA loans

 

90.01-97.5% Financing

 

-FHA or VA if you are a veteran is going to be your best bet for this type of loan

 

90.00% and under

 

-Fannie Mae or Freddie Mac these are your conventional loans and these are your bets choice

 

Jumbo Mortgages

 

Fannie, Freddie and FHA have programs that are referred to as “High Balance Conforming Loans”. It is not available to every person rather state specific counties that are designated “high cost living” areas. In CT this loan is available for Fairfield County only and the loan limit for a single family home is $511,750.

 

Anything above $511,750 and you are looking at a jumbo mortgage. You will be able to find financing with most lenders although not all up to $1.5 million. After that it is slim pickings. The jumbo mortgage market has really taken a setback amidst the financial crisis. There is basically no secondary market for banks to sell these loans which is why financing loans over $2 million has become more difficult.

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