Today has been quite a day for markets.  Recession fears and anxiety on Wall Street has sent the Dow down quite a bit (Within the last 6 months it was 2000 points higher than it is today!)

Mortgage rates are fantastic this morning.  If you have been sitting on the fence for a refi or you are waiting to purchase, now is a good time to get in the game. 

Mortgage programs here much of Southern California have changed BIG TIME in the last 6 months.  Here is what you can expect:

100% Financing - You will only get it with Full Documentation and with the help of a governement loan like FHA Access which means your loan amount will be capped at $362,790 (NO JUMBOS HERE)

95% Financing - Full Documentation non government financing with a max loan amount of $417,000  (conventional financing)

90% Financing - STATED INCOME falls into this catagory.  You will need 10% down if you are going stated income.  Keep that in mind if you are self employed and remember, there is no guarantee that 90% stated income financing will stick around.  I could walk in tomorrow and you might need 15% down payment.  We are in a volitile mortgage sector right now.

Jumbo is going to require at least 10% down payment.

Remember, prices are coming down.  There are plenty of properties out there to make it possible for you to find a great deal, but you need to be thinking about whether or not you can qualify for a mortgage today.  It's not as easy as it once was, although prices coming down has been a big help in making it so that those who ARE qualified have a monthly payment that they can afford.

If you have any questions or comments post them or call at 951-515-2120

Chris Mulder

www.InlandEmpireLender.com