Anderson Lending Group

USDA Loans - Min Credit Score

brian_alg — Tue, 09 Jun 2009 03:27:46 +0000

USDA has raised their credit score requirements to 620 from 580. While that is bad news for some, they have raised their income ceiling dramatically. If you think you make too much money, it may be worth a 2nd look!

Loan Modifications

brian_alg — Sun, 10 May 2009 22:09:31 +0000

We receive many questions about loan modifications. If you are looking to modify your existing loan - whether you have an ARM that has adjusted way beyond your ability to pay, or you have suffered a “hardship”, perhaps we can help get you in the right direction.

Feel free to email/call to discuss your situation.

Jumbo and Super Jumbo 5-year ARMS - HOT

brian_alg — Mon, 20 Apr 2009 03:03:29 +0000

While the 30-year rates on jumbo and super jumbo loans are still north of 6%, ARMs are hot. Depending on your time horizon, rates range from 3.25% to 5.75%. The sweet spot is with the 5-year Arm between 417k and 1mm — 4.625% !!!

Georgia Senate Bill 57 Defeated!

brian_alg — Wed, 08 Apr 2009 01:31:24 +0000

The below is a summary I received from one of our investors about the successful mortgage industry coalitition that halted a possible devastating anti-consumer mortgage law from being passed. In this time of turmoil in the financial and credit markets, there are many opportunities for politicians looking to make a name to sponsor new laws that while sounding great in the headlines, actually remove choice and potentially will raise here in Georgia and Florida.

I am very pleased to report that the mortgage industry in Georgia was succesful in stopping Georgia’s Senate Bill 57 in the Rules Committee of the House this year. With the closing of the state legislative session on April 3rd, SB 57 now poses no threat until it is potentially revived next year. It is my understanding that in next year’s session, SB 57 will be revived and reassigned to another Senate Committee for work and review. While that may or may not come to pass, we have laid an excellent groundwork to oppose this and future bills that could negatively impact our industry.

The team at Anderson Lending Group works hard with state and national legislative committees to prevent harmful legislation from being passed that would severely limit not the ability of our customers to obtain financing.

Super Jumbo Loans and Mortgage Rates

brian_alg — Wed, 08 Apr 2009 01:25:41 +0000

We have been getting significant traffic on our website and inbound calls about rates and jumbo/super-jumbo loans. As of today, there is no strong 30-year fixed pricing for jumbo and super jumbo loans. While you can find rates in the low to mid 6’s, you cannot expect to see the historic rates we are seeing on the conforming loans available for these large jumbo and super jumbo products.

The best option for financing a property over 417k and less than 1.2 million is with an ARM. Rates range from 4.75 to 6.5%, depending on the length of the ARM. A sweet spot in the low 5’s exists for well-qualified borrowers on jumbo loans. I don’t expect this to change in the near future. If you have a jumbo loan and are only slightly over the 417k limit, it is definitely worth your paying it down to under the cut-off so that you can take advantage of once in a lifetime pricing on conventional loans.

An example from today’s callers:

765 middle credit score, 2 million dollar purchase price with a 1.2 million dollar down payment. This is only a 40% LTV. The rate available at wholesale to this customer was a 5.20% on an ARM. Interest-only is available on these jumbo loans!

Getting a Loan After a Foreclosure - An all too Real Reality for Many Borrowers

brian_alg — Tue, 07 Apr 2009 04:47:37 +0000

I had a nice conversation today with a couple who live on the Georgia coast. They had a foreclosure just over 2 years ago, but have truly rebuilt their credit profile. With a 650ish credit score and a solid income, how long before they could buy a home again?

Conventional programs require 4 years now after a foreclosure. The right answer for them turned out to be an FHA loan. With 24 months of good credit since the foreclosure, they are able to qualify for an FHA loan with rates in the low 5’s. Amazing isn’t!

Investor Loan Rates

brian_alg — Tue, 07 Apr 2009 03:57:55 +0000

To answer one of our more popular questions…..”What type of investor loan rates can I get? ”
Assumptions:

720+ credit score

75% LTV

Purchase or Rate and Term Refinance

Loan Amounts between $150,000 and $417,000

Your wholesale rate for today with 1 origination point: 5.25%

Peachtree City Named “Best Affordable Suburb” in all of Georgia

brian_alg — Tue, 07 Apr 2009 03:44:45 +0000

In March, BusinessWeek Magazine named Peachtree City as Georgia’s Best Affordable Suburb. The article notes Peachtree City’s lakes and recreation amenities, along with its 90-mile network of multi-use paths and golf carts.

In choosing the best in each state, BusinessWeek focused on towns within 25 miles of each state’s largest city, featuring good schools, low crime, reasonable commutes, strong economies, and overall quality of life.

Georgia

Best affordable suburb: Peachtree City
Nearest major city: Atlanta
Population: 38,736
Median household income: $93,046
Median home price: $247,900
Unemployment rate: 3.6%
Violent crime index: 6

The magazine evaluated communities on a variety of factors but weighted affordability most heavily. None of the places had populations of more than 60,000 or less than 5,000.

Peachtree City also ranked in the top 100 CNN/Money Magazine “Best Places to Live in the U.S.” in 2005 and 2007, was named as one of the “Best Places to Retire” by U.S. News and World Report in 2007 and by Retire Georgia in 2008, and was featured in Newmax Magazine’s “10 Great Places for Boomers” in 2009.

Rates tick up to 4.75%

brian_alg — Mon, 06 Apr 2009 15:37:57 +0000

While still extremely low, the wholesale 30-year base rate edged up to 4.75% today. We expect it to continually fluctuate between 4.5 and 4.875% each week.

SBA Loans

brian_alg — Sun, 05 Apr 2009 04:15:02 +0000

Anderson Lending Group offers a competitive SBA Program.

Some basic details:

Small business loans up to $5 million. Borrowers can qualify based on DSCR of 1.2 and 660+ credit score. Available LTV of up to 90%.

This program is ideal for professionals seeking to purchase their office location (including equipment).