Business With Greg Mortgage and Real Estate Blog

With the slow season coming for real estate we now face another time where home sales historically decline. I am sure we will see more real estate associated companies collapse and merge. business has been decent for me thus far. I am maintaining a sufficient book of home buyer’s and people who want to refinance. [...]

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The last remaining PMI company providing insurance up to 90% for investors has cancelled the program. There are no insurance companies providing PMI over 80% on Investment loans. If you are a Real Estate Investor you now need a 20% down payment.

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As many of you heard the financial sector is struggling to continue to lend money. I would like to clear up what effect I have seen in my mortgage operations. At this time I have not seen anything change. Everything has been business as usual. We are still doing mortgages and I wanted to clarify [...]

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Today the House is trying to finalize and pass on a bill to the Senate that they named The Emergency Economic Stabilization Act of 2008. The financial market has seen more mortgage backed securities default and become unsaleable. Last week Washington Mutual became the latestcasualty. Today Wachovia is in turmoil and forced to liquidate assets to [...]

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OHFA is a great program for folks wanting to purchase a home. The Ohio Housing Finance Association has a few options available the either requre a down payment or do not require one. This program will take the place of the FHA loan using a 3% down payment assistance grant for those with limited or no down [...]

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This is what the future holds for us. Monthly mortgage updates. Mortgage Originators across the country are finding that the industry is reinventing the wheel on a daily, weekly, and monthly basis. We train ourselves on products and programs only to find that we have to retrain ourselves next week. We used to have thousands [...]

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Earlier this month PMI started to tighten up their guidelines even further. Effective 6/1/2008 most companies are discontinuing insurance for all Cash Out refinances and any Conforming loan receiving a level loan approval.
Last year I had a vision of what 2008 would hold for the industry. I felt that Conforming lending would tighten up so [...]

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In the past there was enormous opportunities for investors to obtain mortgages. I saw loans at 100% financing on Stated income with a credit score of 620. Now things have changed dramatically and investors are struggling to finance their investment properties through a standard residential mortgage lender.
 The biggest problem we are seeing today is the [...]

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Early this month the PMI companies decided to discontinue insuring reduced documentation loans. These loans were commonly referred to as Stated Income and/or Stated Assets. As a result many lenders withdrew these programs from their product lines. Un-insured loans on a reduced documentation basis have become a risk that investors are unwilling to take. Although [...]

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A declining market has become a subject we have mentioned over the past year quite frequently. The overall economy plays an important role. But, even when the economy was thriving there still were markets that declined in value.  I am also going to discuss my opinions on what I feel about the industry changes that [...]

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