Shelter Six:  Shelter Relaunching Bank Statement Loan

Fannie Mae’s latest National Housing Survey indicated that 67% of respondents viewed the present as a good time to sell a home, up 8% from March.

Hot off the reopening of the economy, the April Core Consumer Price Index (CPI) jumped .8% from March, well above the consensus forecast of .2%.

April Retail Sales were flat, which was actually fantastic news since the March figures were so strong.

Great news for self-employed buyers as there is again a mortgage alternative that does not require tax returns nor literally any traditional income documentation.

Shelter’s “SmartSelf” program allows self-employed buyers’ income to be calculated exclusively from bank statement deposits rather than tax returns.

The program requires only 10% down with no PMI, credit scores as low as 620, up to 15 financed properties, and a Bankruptcy or Foreclosure as recent as only two years ago.

Rate Update

Mortgage rates pushed higher last week as a reaction to stronger-than-expected inflation news.  Mortgage News Daily’s Conforming 30-Year Fixed-Rate starts the week off at 3.14%.

This Week

It will be a very light week for economic data.  Housing Starts will be released on Tuesday and Existing Home Sales on Friday.

May 16, 2021 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.

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