Real Estate Finance Alerts

Freddie Mac Cancels Stated Loans

Freddie Mac announced it will cease accepting loans for the Stated Income Verified Asset loan program.  While a few lenders still offered the Freddie Mac program, with this announcement, there will no longer be any conforming stated loan programs available.

If You Need a Stated Loan...

Good News - Rates for 30 year fixed rate loans just dropped about 0.5% and you can still submit your loan this week.

Refinance ARM - If you need to refinance an adjustable rate mortgage (ARM) to a fixed rate loan, you must calculate your payments at the maximum rate.  If you cannot make that monthly payment, you should refinance now.  You simply cannot accept the risk that your rate could get that high and cause you to lose your home. 

Refinance Fixed - If you are looking to refinance a fixed loan and waiting for a specific rate, consider the break-even at current rates. 

Purchase - If you are planning to buy a home, you need to determine if you can obtain financing with a full doc loan.  If you need a stated loan, try to find a house that fits your needs this weekend. If you cannot, don't buy the wrong house, just let me know and we can create a plan to put you in a position to go with a full doc loan.

Please do not wait until the last minute.  Contact me right away.  We need time to get the information you need and time to make your decision.  Also, you are not alone so be first in line.

Todd Huettner
303-758-7402
todd@toddhuettner.com
www.toddhuettner.com