Canadian Borrowers Only

• Full Documentation
• 25% Down Payment and loan amounts up to $1M
• Minimum loan amount of $100K
• 2nd Homes Only
• 12 Months liquid reserves for existing monthly payments on properties owned (if they have mortgages)

Here is a list of helpful tips to ensure an effortless loan process. These Do's’s and Don'ts will help avoid any delays with your loan approval

Changing Jobs

Changing jobs before or during the loan process within the same line of work typically does not pose a problem in qualifying. However, changes in pay structure or line of work may cause qualifying issues. Keep in mind that changing jobs during escrow may delay your transaction, as the new job will need to be verified.

An article from Realty Times, examines what we can expect in terms of housing and mortgage-related moves with a new president and Congress running Washington.

At the top of the list is foreclosure relief.  Barney Frank, the House Financial Services committee chairman, expects Congress and President Obama to devote as much as $100 billion of the bailout money to help homeowners facing foreclosure. 

Realtor Magazine Online examines the newly expanded homeownership opportunities for veterans due to the Veterans' Benefits Improvement ACT of 2008.  President Bush signed this bill into law last Friday. 

"This [bill] will go a long way toward helping veterans buy and keep their homes," said Dick Gaylord, NAR president. 

by Matt Smith - Phoenix Loan Officer

In the last 12 months, the mortgage industry changed dramatically. If you tried to buy or refinance in late ’07 or early ’08, you found that many of the standard loan options that you could have chosen in the past are gone. On purchases, the down payment requirements were also higher, usually 10%. On refinances, lenders were no longer allowing you to take all of the equity out of your home. This “credit crunch” was straining the real estate market and beginning to drag the national economy down along with it. The folks in Washington recognized this and in a rare burst of speed, enacted a piece of legislation that has given lenders a new tool to work with – the FHA loan.