Why Rent when you can Own?

New World of Finance

Another wild and whooly week in the mortgage Market. Friday Chase announced that they are not going to underwrite any non agency products. It is the byproduct of wall st. not having any desire for morgage back securities. If Fannie and freddie won’t buy it than the market just got a whole lot smaller.

The broker has to find a niche product possibly sponsored by another governmental source to peddle his paper.

I have researched and found a source of 100% financing with no PMI and feel free to contact Century 21 Mary Allen realty for information about being able to purchase your home with no money down. The # is 609-494-0700

Mortgage Update

This week we have seen a further shrinkage of outlets in the market with the failure of Indymac Bank. With there varied product line and construction funding they will be missed.

In other area’s I have found an outlet for 100% financing with no mortgage Insurance that is guaranteed by the Feds. It is a nice program for first time homeowners and people with solid jobs but no saving ability.

It seems that the market is actually getting a bit more active with more shoppers finding rental pricing as much as ownership pricing.

A Good time to buy!

Rates have stabilized to about the 6.25% rate for conforming 30 years. Another bank, Indy mac, a large national lender has ceased whole sale and limited retail operations this week.
Congress is trying to enact legislation eliminating all no income verification loans. Overall the availability of cheap money is still holding and combining with the lower cost of housing, I feel it is a good buying market!

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