THE NEW MORTGAGE DILEMA: HOW TO GET A MORTGAGE NOW THAT MANY PROGRAMS AND COMPANIES HAVE BEEN ELIMINATED.
Although the Mortgage Market Has Appeared to Take a Turn for The Worst, There are Still Great Programs Available for All Types of Borrowers.
You\'ve heard it all over the news-the Mortgage business is having some huge problems right now. Major Companies are closing their doors, and literally evaporating over night. This is causing a large number of loan programs to disappear as well. Sub Prime loans have pretty much gone by the wayside (borrowers with lower credit scores, typically 500-600). No Doc loans (A loan where a borrower doesn\'t have to disclose information about employment, Income or any history what so ever) have become extremely risky loans, and the market for them have all but dried up. Stated Income loans have gone from thousands of companies offering them to very few. Self employed borrowers-because of very tough guidelines-are at risk of not being able to buy a house, or even worse, not being able to get out of their adjustable rate mortgages, and are becoming a high risk of foreclosure. Just about every loan type has seen some type of tightening of the guidelines-if they are still available at all. Today, more than ever it is crucial to have the right advisor when shopping for a Mortgage product.
Merrimack Mortgage is a leader in the Mortgage business when it comes to cutting edge loan products. Two loan products that are picking up a lot of the slack that has been caused by this volatile market are the Quick & Easy Loan and the FHA Loan. The Quick & Easy loan is perfect for self employed borrowers with a credit score over a 680. It allows the borrower who cannot prove any Income on their tax returns, and has been self employed for at least the last two years, to state their income and their assets (This means the borrower tells the lender how much money they make, and how much money they have in assets, but don\'t have to prove it). This is great for the person who proves they are a good borrower, but does not qualify for the typical conventional loan. Even better, is the fact that the Rates are comparable to conventional rates (about a .25% higher). This program also works for certain investment properties as well. An FHA loan is picking up where the Sub Prime companies have left off. If the borrower has a shaky credit history, but no late Mortgage payments, and can prove sufficient reserves and Income, it is not uncommon for borrowers in the 500-600 credit score range to receive a loan approval from Merrimack Mortgage. There are also loan limits that must be meet as well, and Mortgage Insurance could be required on both of these products. These two programs are helping a large number of borrowers who otherwise may be out of luck in today\'s market place. Although it has become very difficult to find the right loan product, having the right company on your side is a must-but finding a great program is not impossible!
If you would like more information about these products, or to schedule and appointment with Merrimack Mortgage please call 207-221-3215 or email tpenny@mainepurchase.com. website: www.RefiMaine.com
Web Site: http://www.refimaine.com/
Contact Details: Travis Penny Merrimack Mortgage Co. Inc. 502 A Woodford Street Portland, ME 04103 (207) 221-3215 email: tpenny@mainepurchase.com
2022
