Oregon Mortgages

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I know I don’t post in my blog nearly as much as I should and I’m going to make that extra effort to post in it more frequently.

This last week has been quite interesting watching the mortgage crisis unfold in front of us. Some ALT-A Lenders have gone out of business and several more are on the chopping block. You can see the total list of lenders who have gone out of business by clicking that link. I think a lot of people were quite surprised to see the subprime mess trickle into the ALT-A world. Guidelines have changed overnight, lenders have cut programs. Things are getting tighter. It’s going to be hard to find a lender who will loan you 100% financing if you can’t verify your income. This gets increasingly difficult for Self Employed borrowers who write off a lot of items to get their income down. Lenders look at the bottom line of your taxes (Gross revenue minus deductions = net income) so if you write that down to a low amount you better be prepared to come up with at least 5% down and 10% down and the conforming lenders.

Another thing you can do is be sure to put ALL of your money through your bank account. Deposit all cash, checks…etc. into your business account before you pay any bills. You can still get your Bank Statements loans that use your bank statements to verify income as well. This goes for W2′d borrowers as well who might have a side job. If you are paid in cash be sure to deposit that money into your personal account before spending any of it. This will greatly help you down the line.