REAL ESTATE NEWS (Los Angeles, CA) — Mortgage Volume is Down: Just a quick note to update you on what we are seeing in the mortgage marketplace currently. According to Don Maher of Universal Capital Mortgage Corporation, volume is down about 40% since this time last year. But you know who is buying? Those who couldn’t qualify last year due to income. The new No Income / No Employment verification program is the most popular loan now. A home buyer just closed one at 7.49% for a 30 year fixed, owner-occupied with only a 1% loan origination fee. No income or employment stated on the application, and no debt ratio calculated. That’s better than most bank statement programs. This requires good credit and reserves, and a minimum of 25% down. So, it’s great for retired people, newly self employed or people with complicated tax returns. Borrowers can do cash refis as well, and 2nd homes are also allowed. | QUESTION OR COMMENT
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker. | QUESTION OR COMMENT