Shelter Six:  Good Mortgage Options Remain

The economic data rolling out for March has not been good, but it has not been nearly as bad as the Unemployment and job loss figures suggest that it could have been.

Conventional Conforming programs remain as strong as ever with few changes and a more streamlined process allowed during the pandemic.

Jumbo options are limited right now with very strict underwriting guidelines. A great alternative is a Jumbo Blend combo loan which allows for less money down, lower credit scores, less strict underwriting guidelines, and lower rates.

A “Cash-Out” refinance could be a great option now for anyone looking to tap into their equity and improve their liquidity situation.

A growing concern is borrowers who might not qualify at this time due to a loss of income. Lenders can’t use income from someone furloughed or laid off until they are back at work.

Shelter continues to prioritize purchases and we are back on normal time frames for Appraisal and Financing Contingencies.

Rate Update

The Fed continues to buy bonds, which has kept rates remarkably stable over the last few weeks. The benchmark Conforming 30-year fixed remains in the mid-to-low 3’s.

This Week

Investors will continue to watch for news about new government programs. Existing Home Sales will be released on Tuesday, New Home Sales on Thursday, and both Durable Orders and Consumer Sentiment on Friday.

April 20, 2020 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

Leave a Comment