I’ve been receiving a lot of calls lately — asking, that in spite of income, if a borrower has enough assets, can they qualify for a loan? Unfortunately, today’s underwriting standards are not based upon assets and credit scores. Loan approvals, except for a private lender, are based upon income, then credit scores, then assets, also taking into account debt-to-income ratios. Documenting trust assets and income can be tricky – typically, the lenders require proof of receipt of trust income for the past two years, and proof that it will continue for three more years. The same is true, by the way, for retirement income documentation. If a borrower is self-employed, SOMETIMES a self-employed borrower can get by with one year of filed tax returns, but typically, the requirement is TWO years income shown on filed federal tax returns. Some underwriters are more flexible than others, so if you have a scenario that warrants discussion, please encourage your borrowers to call me for a personal consultation. We are always here to help – even if to plan for the future mortgage.ANASAZI MORTGAGE RATESFOR Primary Residence (purchase only)As of 03/12/2012
Mortgages to $417,000 (Conforming)
w/ 1 PointAPRw/ no PointAPR
30-YR3.50%3.617%3.875%3.912%
15-YR2.875%3.082%3.125%3.189%
Mortgages $417,001 – $1,500,000 **
w/ 1 PointAPRw/ no PointAPR
30-YR4.25%4.356%4.75%4.772%
15-YR3.375%3.557%3.875%4.912%
** 30-Yr from $417K to $600K @ 4.25% w/ 1.25% Point temporarily offered – APR – 4.38%
3/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.125%4.213%2.625%4.533%
Jumbo2.50%4.309%3.125%4.820%
5/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.125%3.920%2.625%4.322%
Jumbo2.50%4.417%3.125%4.890%
7/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.50%4.050%3.125% 4.532%
Jumbo3.00%4.573%3.50%4.994%
Mortgages in excess of $1,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.
Ginger Bowe SullivanANASAZI MORTGAGEP. O. Box 5724Santa Fe, NM 87502-5724Phone: 505-995-8888Toll-Free: 800-995-8888 (if calling outside Santa Fe)Fax: 505-995-8885ginger@anasazimortgage.comwww.anasazimortgage.com
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