Mortgage Blog

This is not a Halloween joke and yes it is just the hard cold reality that we do live in a very scary industry right now. As of this morning one of the largest investors in mortgage back securities, is now requiring a 640 FICO score on all FHA loans. This will more than likely trickle down to the rest of the industry and other investors will probably follow suit quickly.

With the change of across the board debt-to-income limitations of 45% starting Dec 12th 2009, (that by the way is not a specific to any one mortgage company that is a Mortgage Industry change) along with this recent announcement, now is the time to tell EVERYONE you know to get under contract now. Don’t let them wait for a better deal because that "better deal" is at this very moment not tomorrow or 1 month from now when they may not even be able to borrow money!!!

I do have some alternative methods by the way to combat all these things. Call me for details and let my 20 yrs of experience walk you through some "adaptive" changes we used to do all the time back in the "good old days"! Its not ALL bad folks, we will get through all this, you just have to work w/ the right people.

Randy Reed

303.809.LOAN(5626) cell

303.524.9191 office