Out of State
We are asking that Non Texas Residents please apply online at this time. We are experiencing a very high call volume at this time because of the changes in the industry.
Changes in the Mortgage Industry
These are a few of the changes occuring at the moment
100% Financing for Home Loans
This type of loan is getting more and more difficult by the day. We have raised our minimum scores from 550 to a 590 credit score and you can only get 100% financing if you have a clean credit history for the past 12 months. You have more options if you have a higher score.
Refinance and Home Equity Loans
We can still do fair credit refinancing (540+)at this point. The #1 reason people get turned down for refinancing is that they don't have enough equity. 100% Refinancing is just very hard to do right now and in many cases those who got 100% financing two years ago fall under this category.
New Home Loans
We can only do home loans for people with fair credit at this time. We can only do 100% financing home loan purchases for people with fair to excellent credit at this time. There are no 100% progams for poor or bad credit.
KMA has many Lenders
We still have many lenders to choose from and our company is in great shape. While some mortgage brokers our having to locate new lenders because some have gone out of business, we still have many to shop our loans to.
No Doc Home Loans
We can still do these for owner occupied with great credit.
Investment Properties
Can still be done with 10% down if you go full doc. No longer can we do 100% financing for investment properties.
Stated Home Loans
Last year we could do 100% but now we can only do 90%.
Alt-A Loans
Just this week, many lenders have dropped these programs. These are for people who have better than subprime but not excellent credit. Unfortunately, many lenders are dropping all of these programs regardless of credit. There are still some lenders doing these but they are being reduced. We will just have to see what happens over the next few weeks.
A Few Tips for Home Owners
A few ideas from various news outlets for home owners.
A Round Rock, TX Mortgage Company