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Sauro is asked to answer the bottom line question, if it
all comes down to housing and if housing is getting better, can people get a mortgage? John Sauro says flat out
"Yes" and explains that you can get a mortgage but it has tightened
up a great deal. "The good news is that the Fannie Mae Stimulus
package is allowing people to get a jumbo loan up to 729k at a much
lower rate then before.
The bad news is, is that it's basically the 80% rule. Allot of the
products are gone, there are only 1 or 2 lenders who will go up to
850k with only 10% down." Sauro points out that many loan programs
have disappeared, such as the "Option Arm" which was very helpful
mortgage back in the 80s...
Sauro feels some instances of lending are getting better but some
are not.
We were able to follow up with Sauro later where he added that The
secondary market has to regain confidence in rating agencies that
estimate the value of mortgage backed securities portfolios.
The landscape of the mortgage banking industry has changed
dramatically. There are a handful of lenders left and those lenders
guidelines are much more conservative today.
The best way to get a mortgage with favorable terms is to work with
an experienced mortgage professional. An experienced mortgage broker
can navigate the lenders thereby improving your chances and terms. |
