Joe D'Agostino

Having been in this business for 40 years I thought I had seen it all, then CRASH! I remember it well, July 07 was the time when good loans were not bought by the " Big Boys " on Wall Street. The mortgage back securities went bust. So here we are in July of 09 and the days of the No Doc 10 % down deals are gone. I used to call them "Liar Loans" much to the dismay of my fellow mortgage bankers. The "Option Loan "is gone too. How could anyone believe that they could pay only 1.95% for 30 years is beyond me, but they did. I can not tell you how many people I would not give that loan to, only to see them later on the street and hear them tell me they went elsewhere.

So now where are we. In some ways we are better off than before. Most of the " Bad Guys " are out of the business, and only people with real jobs and real income can get a mortgage. Some of the bad players have re-surfaced under a different company name. Some have told people looking to Modify thier existing mortgage not ot make any payments and call them in 3 months. I wonder what the credit score will look like then! Like I said, I thought I had seen it all.

The Federal Goverment said they will help, but most people will tell you they seem more concerned with ways to sell cars, then homes. Maybe that is because they now have a piece of GM.

So here is where we are; No Doc Loans are still out there, and for the First Time Homebuyer, now is the time! 740 FICO scores are now the 680 scores of 07. The FHA is now only lookig at 620 FICO and above, and may move to 660. USDA loans are at 102% of the APPRAISED value, and they will do deals with a 620 FICO. REVERSE MORTGAGES are still going strong and may be the best deal for the baby boomers. This may be one way to restore some of the losses in thier retirement accounts. It is sad that many people fear what may be one of the best loans today, and the REVERSE MORTGAGE for PURCHASE is starting to catch on.

Finally, for all you Borrowers and Realtors, I have said this for almost my entire 40 years in this crazy business. "You need a License to sell Real Estate,make sure the mortgage person has a LICENSE to do mortgages" At the very least be attached to some type of banking company. Also make sure that all your borrowers are pre-approved and are always given a Good Faith Estimate of closing costs.

Remember, " People do not care what you know, but they know when you do not care "

JOE DAGOSTINO

LICENSED MORTGAGE BANKER

STATE OF NEW JERSEY

609-290-0897

I still hear people talking about how difficult it is to get a mortgage. Let me tell you that nothing can be further from the truth. What we have today is what was the mortgage standard in to 70's and 80's. Some of my Realtors still remember qualifying their own buyers for FHA mortgages. Remember those 29% and 41% DEBTS RATIOS? Well nothing has changed. FHA still has the same standards, but will allow for even higher debts ratios. They still will allow for "Less Than Perfect Credit" and can still do loans with credit scores under 600. So what has changed? NOTHING! The only exception in today's lending world is that so called "Liar's Loan." We were allowed to "State" income and assets, no one checked and almost everyone got their money, the buyer, the loan officer and of course the Realtor.

The real answer to turning this economy around? Interest rates. Last week when rates dropped below 6.00% for 30 years, my phone (that I thought was broken) started ringing. Think if we could see a 30 year rate under 5% (and this may happen) how many people would re-finance. Not all of the home owners are upside down. How many home shoppers would Buy? The unemployment rate will drop and our economy would see a small rebound.

And the people buying, actually could re-pay the mortgage.

Too many Non-Professionals in the mortgage arena are always saying negative things about the Reverse Mortgage. Most are not true and come from people who have no idea what they are talking about. Many hear statements from friends and co-workers and think they are true. What you need to do is contact a Professional". As a Licensed Mortgage Banker, I as well as other Licensed Professionals will give you the true answers about this loan. Believe me when I tell you, I think you will be very happy with the true "scoop" on this loan.

Some things to consider:

1) No one comes in the middle of the night and steals your home.

2) Yes your heirs will have your estate to fight over when you die. (You could end up with more money after you do a reverse mortgage)

3) IT is not considered income and therefore will not affect your social security benefits.

4) How about buying a home with a Reverse Mortgage-Find out how.

To get all the REAL answers. Contact me or you Bank or Mortgage Pro.

Joe D'Agostino

Licensed Mortgage Banker

Joe_Dagostino@msn.com

609-290-0897

Thanks For Making

My Mortgage Payments !

( Your LandLord )

First Time Home Buyers, What Could be Better Than This:

• There are still Low Money Dowm Programs .

(Even if you have less than perfect credit )

• Get a $7,500 tax credit if you purchase before July 1, 2009.
• Free Credit Counseling.Understand the tax advantages of home ownership.
• Rates are still LOW !

Call Me TODAY ands stop waiting.....

Joe D'Agostino

Licensed Mortgage Banker

609-290-0897