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Jeff Engum's Blog

By Jeff Engum | Both Buyer and Seller in Eau Claire, WI


ello everyone,

My name is Jeff Engum. I am Branch Manager of Summit Mortgage in Eau Claire, Wisconsin. The mortgage industry is changing daily. We have all heard the bad press of banks failing, foreclosures and heartaches of the borrowers over the last several years. Questionable ethics and business decisions have come to the forefront. The industry and Congress have made over corrections to hopefully stop the failing banks and foreclosures but they have made it more difficult for Americans to buy the homes of their dreams. The banks have increased the minimal credit scores and tougher underwriting has shut the door on many homebuyers.  I have seen many first homebuyers trying to take advantage of the new $8,000 tax credit but get denied from the bank or do not have the ten to twenty percent down needed for conventional financing. The conventional loan is being less and less available to new homebuyers. This has caused FHA and VA loans to become the financing of choice. With lower credit score minimums, reduced mortgage insurance and less restrictive underwriting guidelines, FHA and VA loans are the best option for new homebuyers. 

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