Free Fallin’: Thirty-year Mortgage Rates Drop To Record Lows

I am a mortgage broker in the Albany NY Mortgage Area .Although it is true that rates are the lowest they have ever been, The rule are still tightening-to a fault. Fannie Mae will soon be announcing that they are going to a 45% back end ratio and any borrower with a 620 fico score has to put down at least 20 percent. I can live with the 20 percent for a 620 fico,but the 45% back end ratio is going to make it even more difficult for a self employed borrower. The quality self employed borrower who has managed to keep all his credit payed and high ficos, as well as stay in business through recession gets no brake while the borrower facing foreclosure is rewarded with all kinds of refinance and purchase opportunities. Does that make sense to anyone???? Until a quality stated income program comes back, the small business people who drive our economy will not be able to help us buy up this large inventory of homes and we will not recover for what will seem like forever.
The good news is that if you are self employed and you read this comment there are legal ways for self employed borrowers to still qualify for 90 to 95% loans ! Maybe I can help

Jamie DiCaterino
AlbanyNYMortgage