10 Aug Mortgage Product And Market Updates You Should Know
It’s an exciting time to be in the mortgage industry right now! Market conditions remain favorable and the number of home sales keep increasing week over week and month over month.
HERE IS WHAT YOU NEED TO KNOW:
The Market Looks Good!
Existing home sales for the month of June increased a record of 21% from May according to the National Association of Realtors.
We have had another record month in closed loan volume – closed loans for home purchases continues to increase! This is great news for Realtors – the market is hot for new home sales.
Forbearance is down 6 basis points to 7.74% from 7.80%. Fannie Mae and Freddie Mac also report a 15 basis point drop in forbearance for the seventh week in a row.
Our Products Keep Improving!
Our 12 month Bank Statement program is back along with a 1099 option. Now self-employed buyers have the option to submit 12 or 24 months of personal or business bank statements.
We now offer a non-traditional Jumbo product for buyers who just miss meeting Prime Jumbo requirements. Tell your Jumbo buyers to call us first to find out if they qualify for Prime or need an alternative Jumbo option. We have both!
Asset Qualifier is now available for buyers to qualify using their assets.
We hope this information is helpful. As always, call today with any scenarios to see how we can help. We are your full-service lender delivering phenomenal service for a quick close!