Information as of 5/8/08. Provided by Platinum Capital Group.

For new FHA loans, the following will apply. These loans may take the place of a conventional loan for those desiring a smaller down payment who don’t mind providing full documentation (ie. tax returns, pay stubs, bank statements, etc.)

6% to $362,000, 6.5% to $729,250, 30 Year Fixed, No PP

Minimum 3% down payment required for all property types

Co-Signers allowed

620 Minimum credit scores. Exceptions considered.

No “declining market” reductions

Owner-occupied properties only, however, will loan on multiple unit properties:

1 unit - $729,750  2 units- $934,200  3 units- $1,129,250  4 units- $1,403,400

No EZ Qual programs. Full-doc only.

Plan for 45 day escrow.

For more information, please contact me and I’ll put you in touch with a mortgage specialist who can answer all of your questions.

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Interest rates remain unchanged from last week.

GDP grew at .6% ratein the 1st Quarter, higher than expected, and 2.5% for the past 12 months…slow growth, but no recession.

Economy lost 20,000 jobs in April, much less than the expected decline of 75,000. The unemployment rate remains at 5%.

The Federal Reserve cut interest rates by another .25%. Prime rate is now at 5%, down from 8.25% in September. Many experts now predict that the Fed will NOT change rates at the next meeting on June 25th.

For more mortgage information, please send your information to my contact page.

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As credit risk fears continue to unfold nationally in the mortgage industry, it is clear that investors have less of an appetite for non-conforming loans. This is no longer just a sub-prime lending issue. Guidelines with most national lenders have changed drastically in the last 48 hours. It is now more critical than ever to work with a mortgage professional that you trust and one that has vast resources and options for borrowers. Lenders have already tightened and in some cases, eliminated stated income loans and at the very least will be very restricted on higher risk jumbo loans. As the credit market tightens, working with a trusted mortgage broker becomes a huge benefit to you. We are all being impacted, but there are still vast resources available to fund loans. Use a lender that prides themselves on being in the know and are making it their business to investigate current lending guidelines for all of their lending resources.
As Realtors and professionals, we need to take this very seriously and protect our client’s transactions. Platinum Capital prides itself on being an industry leader and will protect the borrower and their transaction. This is not a time for borrowers to get greedy and shop for the “best deal”. This is a time to work with professionals with the experience and knowledge to close deals on time. Platinum Capital has moved many loans this week from threatened institutions to ones that will remain strong during turbulent times. This is the benefit of an experienced mortgage broker. One institution does not give you the resources you need to be successful in today’s market.
Platinum Capital welcomes your calls and look forward to continued success for 2007!

Be sure to call my resource for funding:

The Platinum Team

JoAnn Maisch, Vice President
Platinum Capital Group
www.Platinumcapital.com
mrtgbroker@aol.com

(310) 796-5600 x334

For more insider advise on the current mortgage industry situation, see the following top rated websites:

www.blownmortgage.com

www.mortgagefraudblog.com

http://housingpanic.blogspot.com

www.consumermortgagereports.com

If you enjoy these sites, let me know! I’ll make sure and include them in more articles.

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