Remember when Bond prices move higher, home loan rates move lower…and vice versa. Despite some declines in the early part of the week, Bonds were able to rally back last week .

Below are some interesting loan products offered by some of the mortgage professionals I work with. If some of these terms seem like Greek to you, here is a brief glossary to get you started:

Full Doc, Limited Doc, Stated Income – Full Doc means full documentation. In the past, self-employed people like me could go with ‘limited doc’ and ’stated income’ and not have to produce reams of paper that proved I earned enough money to pay the loan.  Generally, the only people who can qualify on full doc have real jobs with pay stubs and 1040’s.

Ratio– this is the percentage of income that goes to your loan. Banks study ratios carefully to make sure you’re not stretched too thin.

Conforming and Non-Conforming– Conforming loans have been covered in this blog before. It has to do with the loan amount– loans above $720K or so are considered “non-conforming” and have less favorable rates and terms.  The “New Loan Amount Limit” refers to the increase in conforming loan amount limits which have gone up from $417,000 to around $720,000.

Here are some currently available nifty loan programs. Call me if you want names of lenders who can help you get these kinds of rates and terms–.

1) $1.5 million to 80% LTV, Full Doc.
2) Conforming Stated Income and No Ratio still available
3) When 1st loan is Conforming, Only 5% down up to 95% Financing for 2nd loan!
4) New Loan Amount Limit interest rates have finally come down – 30 Yr Fixed is @ 5.875%!
5) New Loan Amount Limit now offering Interest Only products – 5 Yr I/O is @ 5.75%!
6) Limited doc with only 20% down to $750000 loan amount
7) 90% loans to $1,000,000 with a 680 credit score — requires full doc
30 year fixed at 6.125% and 0 points to $729,750 with a 720 credit score. Credit scores of at least 680 can obtain a slightly higher interest rates.
9) 2-4 units 25% down with extremely qualified buyers to $1,100,000 limited doc.

Keep in mind that these were quotes I got today– and in the lending world everything can change in a flash. 

This entry was posted on Wednesday, May 21st, 2008 at 5:37 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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