Gift Ideas that make your Dreams come true
April 16, 2008
Sellers don’t need any more creative gift ideas, the gift of 100% financing is in their hands!
We can offer 0% Down 30 Year Fixed Mortgages @ 6.500% when sellers gift their buyers down payment.
- No Minimum Buyer Contribution
- Low Mortgage Insurance
- Sellers can credit 3% for closing cost
- Sellers must credit 3-10% for down payment
- Up to $281,250
- No Pre-Payment Penalty
- Minimum Credit Score 580
Tell your Friends!
St. Louis Second Mortgages | 2nd Mortgage Rates 6.180%
April 10, 2008
Cornerstone Mortgage has Local Second Mortgage Rates from 6.180%. The Fixed Second Mortgages are great for avoiding mortgage insurance and jumbo mortgage rates. We can lend up to 95% loan to value and down to a 640 fico credit score. The St. Louis Local Second Mortgages are available to $200,000. Please contact me, Chris Grau, at 314-600-5410 for more information.
FHA | FHA Loans are the future
March 21, 2008
Even though ”Billions of Dollars” are being thrown to Fannie Mae and Freddie Mac, it may be a while before we can feel the impact. The mortgage industry in the Mid-West has been getting more acquainted with the term “declining market” in recent weeks. In order to be sure the home you are buying is not in a declining market mortgage bankers must cross reference the investors definition, the mortgage insurance company’s definition, Fannie Mae’s definition, and the appraisal to be certain. St. Louis is a conservative market, and most investors are considering us declining. More inventories from increased foreclosures and restricted lending will certainly continue the “declining market” trend, pretty much requiring borrowers to have at least 10% down and 720 credit scores.
“How do I buy a home with 3% down and credit scores in the 600’s?”
The Federal Housing Administration [FHA] has continued aggressive lending requirements. Approved FHA Mortgage Lenders can offer home buyers the ability to purchase a home with only a 3% minimum investment. The restrictions for “declining markets” are not being felt as strongly with FHA loan programs. There are no set credit score requirements for FHA lending, but the automated underwriting system does not usually approve under 620 credit scores without substantcial compensating risk factors. The mortgage insurance monthly premium requirement is less than most Fannie Mae comparable loan programs. Interest rates for FHA lending has been hovering near 6%. The FHA loans are definitely the answer for the near future when purchaing a home with less than 20% down.
New Loan Level Price Adjustments [LLPAs] for >70% LTV
March 7, 2008
Yesterday, Fannie Mae “in light of the continued deterioration in the housing market” has decided to discourage more people from buying homes. They will be charging aditonal loan level price adjustments for loans they consider risky. I have listed some highlights of the new penalties. When reading the following information it is important to note that each .40-.50 mean an additional .125% Read more
Jumbo-Conforming Loan Limit
March 7, 2008
Currently we are licensed to do business in California, Illinois, and Missouri. In April these changes should take effect for our investors. Jumbo-Conforming Limit Read more
MHDC 100% Financing
March 6, 2008
- A+ Certified Lender
- 5.95% 30 Fixed
- 3% Grant Available
- 100% Financing
- Sales Price Limit: $237,000
- Income Limit: $57,000[1] $65,550 [3+]
- Cannot of owned home in 3 year unless VA Read more
St. Louis Missouri Fixed 2nd Mortgage
March 6, 2008
- 95% @ 6.91%
- 90% @ 5.91%
- 80% @ 5.91%
- Up to $200,000
- Down to 640 Fico Score
- 30 Year Amortizing
- Avoid PMI
- Jumbo Buster! Read more
Market Watch | Jumbo to $1,500,000 from 3.125% RATES!
February 15, 2008
Mortgage Backed Securities have been slaughtered the last couple of weeks. The FNMA 30 Year 5.50% bond has fallen -187bp since February 7th when Richard Fisher announced the Fed was more than willing to continue cutting rates because they are really scared of inflation. The bond market fallout resulted in 30 year fixed rates moving from the 5.5 range to the +6.125% today.There have been some very positive changes in the last couple of weeks for one segment of the market. Last year the investors ran for the hills when it came to Jumbo mortgages of all sorts. Some of them have been coming back!
1/1 Libor I/O Jumbo | 3.125% [1%] | 4.000% [0%]
3/1 Libor I/O Jumbo | 3.375% [3%] | 3.875% [2%] | 4.750% [1%] | 5.625% [0%]
5/1 Libor I/O Jumbo | 4.625% [2%] | 5.125% [1%] | 5.625% [0%]
7/1 Libor I/O Jumbo | 4.500% [3%] | 4.750% [2%] | 5.375% [1%] | 6.125% [0%] Read more
The ARMs are Back! | 5yr 5.125%… Jumbo 3yr 5.375%
February 7, 2008
One of the most abused loan products over the last 8 years that I’ve been in the business has been the BC 2 Year ARM with a nice prepayment penalty. I have always striven Read more
Mortgage Insurance credit policy Tightens… again
February 7, 2008
MGIC [Mortgage Guaranty Insurance Corporation] has tightened its credit policy again [effective March 3, 2008]. The days of 100% financing with credit scores Read more
