A lot has been said about the Subprime market implosion... What about the other programs?
http://lenderimplode.com/is tracking the 'who's still standing' amongst sub-prime lenders
The Alt-A market is feeling some of the same pressures.... Loan guidelines are changing daily..... so much so that it is hard to keep up with what can and cannot be done.
The good news is.... the 'Full-Doc' loans are ok... the people who can verify income and a little money in the bank have much less foreclosure rates.
But, the 'Stated-Income', 'Stated-Assets', 'No-Doc', ect loans are the ones that can no longer get 100% financing. It is even harder if the loan is for a non-owner occupied property. So, if you cannot verify income and assets, you should be able to get a hold of enough cash for 5% -10% down payment.
The market is changing.... people may have to downsize on their dream homes and put a little money down. But the market will come back some once the foreclosure rate comes back.
Tom Burris
Sr. Loan Officer
http://www.dallasloanguy.com/
http://www.dallasloanguy.com/contact.shtml <== Free Live Texas Home Loan Chat
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I just applied for a Car Loan from Mr Pedro and his investment funding company and an Unsubsidized Loan. After doing some research on different lenders I chose Discover because they seem to offer some of the best benefits in the market (at this precise moment in time) at a 2% rate. Contact Mr Pedro on pedroloanss@gmail.com to apply for any type of loan.
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