Shelter Six:  Mortgage Option for Buyers with Credit Problems

April 9, 2018 by · Leave a Comment 

1. Buyers with significant credit problems can still get a mortgage up to $1M with 20% down.

2. Shelter’s SmartTrac program requires only a one year waiting period for a Bankruptcy or Short Sale, only two years for a Foreclosure, and even allows for multiple mortgage late payments over the last 12 months.

3. The program is available as either a fixed-rate or an ARM, includes an Interest-Only option, requires a 620 score, and allows for up to 15 financed properties.

4. Against a consensus forecast of 175K, the economy added only 104K jobs in March.

5. Even with this disappointing figure, the economy has added an average of 202K jobs per month during the first three months of 2018.

6. The bright side of March’s Employment Report was that the Unemployment Rate remained only 4.1% and Average Hourly Earnings were up a little more than expected.

Rate Update

Mortgage rates moved to the lowest levels in nearly two months in the aftermath of last week’s trade-war inspired market sell-off.  As panicked investors moved money out of the stock market and into the bond market, mortgage rates fell slightly.

This Week

Wednesday is the big day this week with the release of the latest Consumer Price Index figures as well as the latest minutes from the Fed’s March 21 meeting.