Good to have options

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A post from earlier in the week discussed recent changes in guidelines from Private Mortgage Insurance companies, and how those changes impact potential borrowers. For details on the changes, click here.

It got me to thinking. The post reminded me of why I enjoy working for a mortgage broker (especially in this volatile period in the mortgage industry). Let me explain using the previous post as an example.

Instead of being tied to one lender with one set of guidelines, I am able to work with multiple lenders, guidelines, loan programs, and funding sources. In short, I can meet any of my clients loan needs. Currently, I am working with lenders who:

  • Require three trade lines for FHA loans
  • Require only one trade line for FHA loans if it is a major trade line (mortgage, car, boat loan)
  • Require only one trade line period for FHA loans
  • Require three current trade lines of 12+ months of review for conventional loans with PMI
  • Requite three trade lines of 12+ months of review during any point in time of a borrower’s credit history for conventional loans with PMI
  • Require only one trade line for conventional loans with a 20% down payment

I know what you are thinking… “Great! What does that mean?

Well, let me explain. Take a close look at the list above. Whether a borrower has one trade line, 10 trade lines, a minimum down payment, or 20% down, my clients have options. That is only one of the reasons why I feel it is an advantage to work for a broker in this lending environment.

Ready to get started knowing you are working with a professional who has options when it comes to loan programs, guidelines, and funding sources? If you plan to buy/refinance in the state of Georgia, I’m sure I would be able to help!

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One Response to “Good to have options”

  1. Turn back time « The Mortgage Blog Says:

    […] my clients, it was just more annoying than anything else. As I said in another recent post, it is good to have options. If the PMI three trade line requirement was a problem, then I would be able to offer a program […]

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