Mortgage Market Update: Real Estate News for January 31 2011

Jan. 31, 2011 - PRLog -- When I sit down to write CPK Mortgage’s monthly “Market Update,” I am usually rife with information about changes in the real estate industry.  However, the past few weeks have actually been relatively quiet ones when it comes to the lending market.  This dearth of “new news” is welcome in some ways given all of the turmoil of 2010.  So I’ll take this opportunity to discuss some very interesting loan programs that may prove useful in niche opportunities for you, your friends or your clients.

First, Conventional Wisdom would tell us that if someone has a recent late payment on her or his mortgage, there would be no opportunity to obtain mortgage financing.  This is not the case!  One of the banks that we work with allows a client to have as low as a 620 credit score and one mortgage late payment in the last 12 months!  The rates for this program are outstanding, and the loan-to-value ratios are not prohibitive either.  Further, this program works for clients interested in purchasing a new property or refinancing.  Call us for more information on this specialty loan.

Further, California’s diverse economy attracts people from around the world.  And often, non-US Permanent Residents (non-“Green Card” holders) find it impossible to obtain financing on properties.  However, we can offer a program to clients who are in the United States on an H1 Visa who have no US credit score.  These clients can now purchase property with as little as 25% down.  They must demonstrate solid payment history from their home country and must have verifiable income and employment in the United States.  Assuming these and several other criterion are met, an H1 Visa status does not have to prevent someone from owning a home.

As we continue through 2011, keep these programs in your “mental rolodex” as additional value-adds to working with CPK Mortgage, Inc.