Real Estate, Home Loans & Identity Theft!

The mortgage market has changed more in the past 6 months than it has in all of the past 6 years. As a result, over the last few days we have seen major movement from WAMU, Wells, Homecomings, ALS, CW, and Chase in various product segments.  In addition, several more tier B and C players have halted funding and shut their doors.  Many Investors have completely exited certain product segments.  When companies such as American Home (ABC) go out of business, the repercussions can be felt deeply across the lending spectrum. These days, there is no joy to be found in the demise of an investor, for we all know it means further market upheaval and heartbreaking job loss for many people we know and admire. Liquidity in the secondary market in the past two weeks has dried up. As this liquidity crunch has increased in the past few weeks, many Investors have determined that offering some loan products is not a viable option for either them or you.  If securities can't be sold on the secondary market, rates increase and guidelines are due to be changed. Loan types listed below are currently put on hold with many investors until we can see positive market changes.

• No Income No Asset (NINA)
• Stated Incomes with limited reserves
• Option Arms
• High LTV Loans
• Investment Property

If you're looking to buy a home which is to be your primary residence, there are still some great loans to consider such as the Flex 100 (Freddie Mac), My Community (Fannie Mae), FHA, VA, HUD 184 and the Home in Five.  Call today and get prequalified to buy. Waiting for stricter loan guidelines, loan programs to be eliminated and higher interest rates does not benefit you by waiting.

As you are aware, HUD has issued a proposed rule that seeks to eliminate DPA. This proposed rule could affect our ability to continue helping deserving individuals. I'm happy to report that following a Congressional hearing last month, HUD agreed to extend the deadline for submitting comments an additional 30 days. To date, more than 13,390 individual comments supporting the need for DPA have been sent to HUD and a list of national supports is growing. Most recently, the US Conference of Mayors issued a resolution supporting DPA. We continue to remain confident that with the support and comments from industry partners, like you, this rule will be withdrawn. In the meanwhile, we continue to operate "business as usual."

Support Down Payment Assistance:
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Go to www.supportdownpaymentassistance.org to find out how.