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24 novembre 2010


that he contacted his usual leendr, a mortgage broker out of Annapolis MD. He had worked with them for many years and considers them very reliable. They do direct lending from the bank as well as broker services from a variety of sources. My brother-in-law had some very interesting things to report.1. The highest LTV offer that the broker had was 75 and there was only one. There were other offers but they wanted 70 LTV.2. When he asked about a second loan, something like an 80/20 (or in this case a 75/25 or 70/30). The broker replied that second loan market is non-existant.3. When he asked how credit rating affected LTV he was rebuffed. Essentially it doesn't matter what your credit rating your not going to get a loan unless you bring 25%.4. He had later run into the mortgage brokers wife, whom they know socially. She mentioned that if her husband doesn't close some loans soon that she will be looking for a job.This supports what I have been saying and noticing as a growing trend. FHA and VA lending has consumed the mortgage market and over the last six months has come to represent 50-60% of the loans being made in my target area. FHA and VA still allow LTVs of 95 and 100.

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