Jennifer Brinson

Obviously it is a great time to refinance with rates so low! I have been asked many times about qualifying as it has been projected through media that credit is harder to obtain. So what are mortgage lenders looking for?

• A Minimum Credit Score of 580 with FHA and 620 with Conventional Financing. The higher the credit score, the better chance you have of getting the lowest rate.
• Assets-while we can get borrowers qualified without assets, these always strengthen a file. We are looking for a minimum balance of 2 months times your principle interest taxes and insurance payment.
• Ratios-the lower the better. We take all the debt on credit, plus the proposed house payment divided by total gross income. Ideal housing ratios would be 32 housing ratios over 43% total However, you can get approved with higher ratios. This is where assets and credit score may assist in factoring in the final approval.
• Mortgage history-while you can have some late payments upon exception and compensating factors, a 12 month period with no late payments is ideal.
• Employment-we are seeking a 2 year history with minimal gaps, same line of work and consistent income. Bonuses and commissions are over a 2 year history. Part time jobs require a minimum of years. Self Employed borrowers require a 2 year history with income averaged through full 2 year tax returns, using the net income after all adjutments.
• Loan to Value-this depends on program and loan size. However, the more equity, the better rate and options you may have. Although, don't be discouraged, there are still ways to help many people that have seen declines in value.

These are just general guidelines. Every situation is unique. If you are interested in a free consultation, please feel free to contact me @ jbrinson@rivercitymortgage.com.

Last Wednesday we opened up with rates at all time lows. An hour and a half later they were adjusting up, but none the less, still awesome. I just have to say if I can pass anything on to people looking to cath the best deal-move forward when you see big gains. Don't wait! Also, don't get greedy! Keep your benefit of long term savings into perspective and have realistic goals. If you want low costs, you will take a slightly higher rate. If you want lowest rate, you may have slightly higher costs.

I have had literally over 20 new applicants just in the last weekend, and volatile is the one word I would use to describe rates and market conditions. I calculate savings over my conversations, and by the next time I am in contact, one thing is for sure-terms have changed. What I am doing is narrowing down goals and letting clients know that when we can meet that specific goal, be ready to go and commit!

Hope many can benefit from the great positive move with the rates decreasing!

Rates have plummeted down! If ever there were great news, this is it! If you are in a rate that is above 6%, this is the time to take advantage of the low rates! Yes, there is talk with the government investing into mortgage bonds, driving them even lower, paticularly with purchases. But, without specifics or further detail, you can still get a mortgage under 5% right now! That means huge savings for millions of Americans!

Phones are ringing, emailing is zipping in, and activity is surely picking up! This is great news amongst all the negative reports with the economy and job loss.

RATES Dropped about .5% or more depending on programs!!! Anyone waiting on rates, time to MOVE!!

Looking at Low to mid 5% on Fixed Rates!!!

Call me 952-288-4789 or 651-209-1422

Jen Brinson

No, your ears are not plugged! I said it! 100% Financing is back through River City Mortgage in Minnesota!! If you know someone who missed the boat in September, or perhaps looking to save their funds they do have, please let me know! I would love to assist in getting great clients into new homes!

Basic Parameters are as follows:

• 680 Minimum Credit Score
• 45% Max Debt-to Income Ratios
• Need One month is Assets equal to the PITI (payment, interest, taxes, and insurance)
• Home Buyer Education IS required

I told you this was coming and I would have more details!

First Time Home Buyers-please take note! I encourage we schedule a one on one appointment to go over what is expected, and to fully review the details of what purchasing entails.

Jennifer Brinson

651-209-1422