Are there any mortgage lenders out there this days?please refer me.?

Question

Are there any mortgage lenders out there this days?please refer me.?

Answer 1

any major bank. many other small places. mostly its the thieves and idiots who got burned. they made loans they should never have made. the rules are tighter now, but thats the way it should be

Answer 2

Since August 8th, 2007 tightening of credit has resulted from 10 years of horrible lending practices.  Fannie Mae and Freddie Mac, the two largest servicers of home mortgages decided to use computers to make loan decisions.  At the same time, they decided that an 80% LTV 1st mortgage and a piggy-backed 20% 2nd mortgage was okay, so nobody needed any down payment.  The problem was that the computer didn't use 2 very critical factors in making the approval decision.  First, it ignored the impact of the debt (ie: your rent was $700 per month and you didn't save a penny...then your mortgages, taxes and insurance are going to be $2600)  The impact of the approval is that your monthly outlay is now $1900 higher for your housing.  Secondly, the computer approved ratios of 33% of gross income for housing costs and 42% for total monthly obligations.  That is fine unless the borrower has 12 dependents and, after taxes, all that is left for food, clothing, education, fuel, utilities, education, etc. is about $250 disposable per dependent.  

It wasn't the mortgage bankers or the mortgage brokers that doomed the economy, it was the national lending policies throwing 100% money at people that shouldn't have been approved, with scores as horrible as 590 and no savings history.

Currently, FNMA and FHLMC have severe pricing adds for people with credit score lower than 720.  You will now need 3.5% for down payment, and if your scores are under 680 and/or you have less than 20% for down payment, you probably should buy with an FHA loan that does not base rate upon credit scores.  Current FHA rates are about 6.5% for 30 yr fixed with FHA-MIP increasing the yield to about 7.25% effective cost.  Countrywide Bank, Wells Fargo and Washington Mutual will cost you about three-eighths to one-half percent higher rate than a competitive mortgage banker.  Make sure that your closing costs including all fees, title charges and points do not exceed $3000.