Conventional 3% Down Payment & No Monthly Mortgage Insurance?

Yes! We have an exciting new conventional loan product called the Freddie Mac VLIP Mortgage (Very Low Income Purchaser).   On a VLIP Mortgage, qualified borrowers will receive a credit of 2% to be applied toward Lender Paid Mortgage Insurance LPMI.  LPMI means that the borrow will have no monthly mortgage insurance!  This is a special loan for home buyers with qualifying income less than or equal to 50% of the area median income.  Rates are excellent, 620 minimum FICO.  Call the Easterbrook Team for Details at (916) 850-6050.

MI DTI

Genworth and MGIC are pushing back on Fannie and Freddie's new 50% DTI - said to be reevaluating underwriting standards with the intent of bringing back a 45% DTI - OUCH!  When you think about it, it's no skin off Fannie and Freddie's back to offer even 100% financing when they're not the one insuring the loss - for the article, CLICK HERE.

Mortgage rates hold steady but are trending higher

Mortgage rates barely budged this week as the impact of the recent hurricanes began weighing on the economy.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average bumped up to 3.85 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.83 percent a week ago and 3.42 percent a year ago.

To Read The Entire Article Click Here!

Contact The Easterbrook Team to discuss your home mortgage needs.

"We Make The Loan Process Easy!"
916.850.6050

Freddie Mack Shuts Down 1% Programs

Effective November 1, 2017


Lenders react to end of Freddie Mac 1% down payment mortgage offerings


To Read This Article Click Here!




The Easterbrook Team
916.850.6050
Easterbrookteam@spmc.com

Seller motivation: ‘Have to’ versus ‘want to’ sellers

Takeaways:

• Seller motivation is big for your real estate business.
• The important factors that determine how motivated any particular seller might be.
• Unmotivated sellers have a “take it or leave it” attitude, and that can result in expired listings.

If you want to be a top producer, then you’ve got to buckle down and focus your efforts on the dollar-productive tasks most likely to generate a financial return.


If you want to read this entire article please click here!


If you would like to discuss selling or buying a home please give The Easterbrook Team a Visit, Call or E-mail!


The Easterbrook Team is with Sierra Pacific Mortgage located at 806 Bidwell Street in Folsom, CA.  To reach John Easterbrook directly please dial 916-224-7653.  To reach Patty Aguon directly please dial 916-833-5063.  To reach them both via email use easterbrookteam@spmc.com