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Learn about new updates to the loan and mortgage industry and how it can apply to you and buying or selling a home in the Denver and Parker, Colorado real estate market. It isn't only buyer beware. Sellers need to know how the new changes could impact them when selling their Denver, Colorado Home. Be prepared if the buyer's loan doesn't fund at the table. It is happening everyday! Call me now and I will help you understand this process and show you how we can avoid this major problem.
Call Steven Beam 303-941-4663. Denver Colorado Real Estate Broker.
Dear Steve,
As you have undoubtedly heard, the lending industry is going through some rather painful transitions. While all the mainstream media has been focused on the sub-prime implosion, (at last count there were 42 lenders that have gone "kaput") there have been significant changes in underwriting guidelines that will affect your "A" paper clients as well.
Both Fannie Mae and Freddie Mac have tighten up their conforming guidelines and if you have clients that are in the house hunting process and were recently "pre-approved" through the automated underwriting engines, you may find those deals are now problematic.
In addition, investors are tightening up their non-conforming guidelines (100% CLTV, Interest Only, Stated Income, Investment, etc). Some of these loan options are being eliminated, while others are requiring higher credit scores, more down-payment, and more active tradelines.
The moral of this message is do not assume all the changes are specific to the sub-prime market. There is a general "tightening" up of underwriting guidelines industry-wide. At this point, I don't think we have any deals in play that would be affected, but I am in the process of updating all pre-approvals on my desk to make sure they still meet qualifying guidelines..... (stay tuned!)
Feel free to contact me anytime if you need more specifics.
Thanks...
Gregory Godbey
Aspen Funding Corp.
445 Union Blvd. Suite 307
Lakewood, CO 80228
Direct (303) 854-2374
Fax (303) 989-4868
email: greg@aspenfunding.com
*Top 25 Mortgage Company, Denver Business Journal 2005-2006*
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