Great Loans Still Available Through Countrywide

(from an email received this morning)

97% loans up to $729,750 *

• FHA loans with as little down as 3% from buyers
• Government mortgage insurance required at a cost of 1.75% of the loan amount
• Seller can credit up to 6% of the sales price to cover buyers closing costs including points
• Rates currently at 6.625% 2 point cost to buyer

* must fund by December 10th 2008 because stimulus package is expiring December 30th

 90% loans up to $417,000 with NO Private Mortgage Insurance

• Conventional loans with 10% down from buyers
• This mortgage is lender insured. Mortgage insurance cost is absorbed by the bank
• Seller can credit up to 6% of the sales price to cover buyers closing costs including points
• Rates currently at 6.875% 1 point cost to buyer

 85% loans up to $729,750 *

• Conventional agency loans with 15% down from buyers
• Mortgage insurance required for loans over 80%
• Seller can credit up to 6% of the sales price to cover buyers closing costs including points
• Rates currently at 6.375% 1 point cost to the buyer.

*This is a stimulus package loan and must fund by December 10th 2008

80% loans up to $1,000,000

• Conventional Jumbo loans for purchase transactions
• Seller can credit up to 6% for closing costs including points
• Rates currently at 7.5% at 1 point cost to buyer
• Rates drop to 7.25% at 1 point with 25% down payment
• Rates drop to 7.0% at 1 point with 30% down payment

70% loans up to $1,500.000

• Conventional Jumbo loans for purchase transactions
• Seller can credit up to 6% for closing costs including points
• Rates currently at 7% at 1 point

Thinking about buying a home or refinancing?

Business as Usual does not apply to the lending business these days – especially the home mortgage business. In case you haven’t noticed, lending standards are changing everyday, banks and other lending institutions continue to try, die or sigh.

If you don’t read Dan Green regularly, give it some consideration – if you’re interested in what’s happening in the mortgage industry. Dan doesn’t serve up canned goods. His Daily Mortgage Reports offer real time, real person insight and analysis of what’s happening with YOUR potential to buy a home – in plain English.

Here’s part of what he is saying today:

If you plan to buy a new home in 2008 or 2009, give a lot of thought to moving up your time frame. 

Mortgage approvals are about to get more scarce and more expensive for everyone.

The Supporting Evidence From The News

1. FHA is increasing its mortgage insurance premiums and up-front loan fees for a lot of borrowers
2. With IndyMac's demise, other banks should follow and Alt-A loans may go the way of Sub-Prime
3. Fannie and Freddie are in financial crisis again and may be forced to add mandatory loan fees for everyone
4. Banks are doing the unthinkable just to get suspect loans off their books
5. Wall Street is losing its appetite for "guaranteed" mortgage bonds

California Mortgage News

Yesterday Governor Schwarzenegger signed a California Mortgage Bill.

Lenders must now call California homeowners or visit them in person and explore restructuring options before foreclosing on their homes under legislation signed Tuesday by Gov. Arnold Schwarzenegger.

The new law also doubles the amount of time tenants have to relocate from a foreclosed property to 60 days and requires owners to maintain foreclosed properties.