***GREAT NEWS - Hot off the press COVID update for buyers with scores between 580-640 at CrossCountry Mortgage!!
If you even have the slightest pulse on the real estate market you know that most lenders still wont lend to buyers with scores less than 640 credit. Most of the huge retail banks wont lend with scores less 720 even for conventionanal financing 👎
As long as there are no gift funds and debt to income ratios are below 50%, we are approving FHA home loand same as we were pre COVID. And even if there are gifts and debt to income above 50%, there are scenarios that still qualify for financing.
If you've been turned away for an FHA loan since the pandemic hit and feel youre in a favorable situation financially, but your scores fell shy of that 640 mark....i can help 🏠💰!!
If youve been turned away at one of these large retail banks for conventional financing because you had good credt, but not perfect credit, i can help 🏠💰!!
Contact me directly on my cell at 281-924-5816 or email me at ryan.calkins@myccmortgage.com
***Industry Update - FHA minimum score/Down Payment assistance
Lots of changes in the industry lately. Down payment assistance, along with other loan product guidelines, is getting phased out in anticipation of loan defaults due to the virus.
Many lenders have raised the minimum credit score for FHA to 620 or 640 because investors don't want to purchase those loans anymore. HOWEVER...I can sell directly to Ginnie Mae which not all lenders can do so its business as usual here at Cross Country Mortgage.
Refer your buyers my way for more financing options and help increase your capture rate!!!
Much more changes but we'll leave that for a webcast or convo. Feel free to reach out with any questions or concerns!
***RATE UPDATE---Sitting at 24mo lows on rates! Pricing is all primed up for buying season and the timing couldn't be better!
ryan.calkins@myccmortgage.com / 832-295-9183
How Rates Move:
Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, contact me directly. I’m among few mortgage professionals who have access to live trading screens during market hours.
***RATE UPDATE - Pricing looks great today...Lock em if you gottem!
How Rates Move:
Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events.
When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, contact me directly. I’m among few mortgage professionals who have access to live trading screens during market hours.
Rates Currently Trending: Neutral
Mortgage rates are moving sideways so far today. The MBS market improved by +19 bps yesterday. This caused rates or fees to move slightly lower for the day. The rates experienced moderate volatility yesterday.
Today's Rate Forecast: Neutral