HERE"S THE LATEST INFO FOR YOU

As you well aware, there have been numerous changes in the mortgage industry.  People are finding it more difficult than ever before to get approved.

However, if you're looking to buy a home, there's a couple of programs you need to check out.

Because of Hurricanes Katrina and Rita, Fannie Mae, and later Freddie Mac made major changes in some of their programs to make it easier for people to qualify.  They eliminated the need for a down payment, and even have allowed gifts from family members to take care of their closing costs and/or downpayments.  They've removed the income caps to allow larger homes to be bought.

These programs are one of the very few that will allow 100% financing down to a 580 credit score.  As you know, there is virtually no one that will go down that low on the credit score.

We've closed hundreds of these loans and as we get closer to the end of the year, these are now showing signs of credit tightening.  However, with creative thought, many people have been able to utilize these programs.

Unfortunately, all good things must come to an end.  The cost of the mortgage insurance has gone up, they've eliminated some levels that were approved and the income caps are being put back on for anyone that closes on a loan by December 30th, 2007.  There may be other restrictions to be announced. 

If you would to find out more about these programs, you can email me at mitch@oasismortgage.com.

Thanks

Mitchell Champagne