Shelter Six:  More Lenient Jumbo Product Helps More Qualify

March 19, 2018 by · Leave a Comment 

Shelter is proud to launch Smart Edge, a new “Non-QM” product that will enable Jumbo customers to qualify even with a Bankruptcy, Foreclosure, or Short Sale only two years ago.

The product requires only 10% down, no PMI, a credit score of only 620, and up to a 50% debt ratio.

Smart Edge is also great for investors as it allows up to 15 financed properties and the terms are creative with interest-only ARM’s enabling a very reasonable payment.

February Retail Sales were unexpectedly down for the third straight month.

With consumer spending accounting for 70% of economic activity in the U.S., economists will be carefully monitoring future Retail Sales figures to gauge the economy.

February Single-family Housing Starts were up 3% from January with 510K single-family units under construction, the most since June 2008.

Rate Update

Bad economic news normally drives mortgage rates down and this was true last week as lower than expected retail sales helped mortgage rates finish the week slightly lower.

This Week

This week’s big news is Wednesday’s Fed meeting.  Investors widely expect a .25% increase in the Federal Funds Rate.  Existing Home Sales will also be released on Wednesday, New Home Sales on Friday, and Durable Orders on Friday.