HometownGeorgetown.com

This morning, I received a very well written email from a friend of mine who also just happens to be a loan officer here in Georgetown, Rachael Haynes of Home Source Mortgage. With Rachael’s permission, I’m sharing her email with you…

Good morning,

This morning I actually heard some “expert” on one of the morning shows say “it’s virtually impossible to get a mortgage unless you have the highest credit scores.”

This is not accurate.

• FHA is alive and well as a 3% down program. The guidelines remain the same as before although underwriters are certainly making sure they follow the letter of their guidelines.
• VA has not changed at all.
• Conventional programs have indeed tightened up, largely as a result of mortgage insurance being harder to obtain with FICO’s less than 680. But “virtually impossible” is not a term that I would use here. If someone has 20% to put down, nothing has changed for them. 80/10/10 and 80/15/5 still exist.
• For properties in USDA territory (Hutto, parts of Pflugerville and outlying areas) and for the borrower within the income limits, we can still do 100% financing.

As you know, there are some great deals out there for buyers, and the talking heads on TV should not scare them out of the market. I will be happy to chat with any of your prospective buyers to pre-qualify them and calm the effects of the headlines. It just doesn’t help the housing market to recover when the “experts” are causing buyers to stop in their tracks!

Rachael Haynes
Loan Officer - Residential and Commercial
Home Source Mortgage
TX Loan Officer Lic #72301
512-431-1347 cell
512-930-RATE (7283) ext.243 ofc.
512-869-0792 fax