The Mortgage Experts

Phyllis Ursetta of Integrity Realty addresses that subject matter. 25 Starbucks cards and gets her contact information sent to the 6,600 people on our contact list. We also list her contact information on our blog (10,199 appointments for the first six months of 2011) and on our blog at Active Rain, a genuine estate blog with an increase of than 210,000 people.

Here’s the answer: There probably won’t be a change to the stricter suggestions that are in place for conventional loans for a long time, especially for investment properties. Investment properties have a significantly higher foreclosure rate than primary residences. Fannie Mae actually only takes a 15% deposit for investment properties, however they also require mortgage insurance for any loan that is higher than 80% of the worthiness (or sales price) of the property.

The problem is that the home loan insurance companies won’t insure investment properties, so the final result is that you’ll require 20% down. If a loan has home-loan insurance and that the loan goes into foreclosure, then your mortgage insurance company has to write the to the lender. The mortgage insurance firms are dropping millions of dollars right plus they haven’t any desire to reduce more now, so they have all said they will not guarantee investment property loans.

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Regarding the qualifications of the buyer, the full days of loan decisions being made on a person basis are long gone. It really doesn’t matter if a borrower is incredibly well-qualified. So long as they are buying an investment property, they get lumped in with all the others who need it investment properties.

Unfortunately, many of those people do not pay their loans back again, and everyone must follow the stricter underwriting guidelines. Things shall change when the foreclosures stop. That is going to take a very long time. Getting a loan approved is simple – if guess what happens to do. The Mortgage Experts know very well what to do! By the real way, don’t forget to refinance your current mortgage. Rates have become, suprisingly low right now. Give us a call today to get the facts for your particular situation.

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