Michael

I'm a:	Just Looking
Location:	California

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I've read that mortgages are increasingly going to become more difficult to get. Is this true?

Asked Fri Aug 10 2007, 17:02 by Dezzy - All locations - Foreclosure - 12 answers

Michael answered:

There are 14 primary affordable first time home buyer programs in California, up to $650,000 with a 620 credit score and no down payment requirements. Debt to income ratios with all government backed and insured mortgages will range from 40% to 48% or so, depending upon "compensating" factors, such as credit score, employment history and cash reserves.

Buyers with a $400 car payment will qualify for $56,000 less home/loan regardless of compensating factors-every $100 in fixed monthly debt = $14,000 less home/loan. We use a company that specializes in auto refinancing to lower payments by as much as 65%.

Do your research-Government and CRA funding is available to First TIme Home Buyers in California.

Michael Lewis
Home Buyer Service
800-608-9833 - Wed Nov 7 2007, 15:18

Yes, it's already happening. ALT-A lenders are all but gone, and 720+ credit is the new rule with full documentation. This is an over reaction to the current mortgage mess, but it will last for awhile until the industry selltes down. The good news; it puts pressure on sellers. The bad news; it makes financing a home more challenging unless you use Federal Mortgage Revenue Bond program. - Fri Aug 10 2007, 17:06

How to drive more people to our house?

Asked Sun Aug 26 2007, 10:52 by David Schwar… - North Phoenix - Home Selling - 26 answers

Michael answered:

Most of todays home buyers are looking for affordability. Price point is important however, monthly payment and good financing are equally important. Depeding upon your homes price range, it may qualify for State, Federal and/or Community specific first time home buyer financing with little if any down payment required. This can be a big selling point for first time home buyers with a 620+ credit score. Yes, you may need to contribute towards closing costs and tax impounds, but there are more people than you think that would much prefer to own instead of rent that do not try to time the market. I speak from experience here in California where entry level is $500,000! We process 20 to 30 buyers per month in our OC office alone, and yes, they are buying.

Michael Lewis
Home Buyer Service
missionmike1@msn.com - Sat Sep 8 2007, 16:56

JR is right. A real estate professional that is in tune with safe, affordable government programs can be a real asset when you are competing with other homes for sale in your area. - Sun Aug 26 2007, 12:44

You need to have a yard sign made that states:
First Time Home Buyers
Government Financing Available
$500 Down

This usually gets the attention of prospective buyers, assuming your home is in the price range applicable to a number of fixed rate government programs - Sun Aug 26 2007, 12:25

How do I find the best deal on a mortgage?

Asked Mon Apr 23 2007, 15:51 by Stephan - Delray Beach - Financing - 8 answers

Michael answered:

Government Financing. The type that isn't available to mortgage brokers, but is available on a State and Federal level. 100% financing, one mortgage, below market rates, no mortgage insurance, limited un-documented income all for a 620+ credit score with stable income. Home buyer education is required and advised. Avoid predatory lending. We are not realtor or lenders. Our services are free. - Fri Aug 10 2007, 16:36

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