Lending Status

The following is a message from the President of Long Realty, Rosey Koberlein that she sent October 17, 2008. Long Mortgage only does residential loans. If you're seeking financing for commercial projects, give me a call. I regularly work with several lenders who have consistently worked hard for my clients, and nearly always come through with a solution. And for the cases where a commercial buyer wants a FAST closing, or simply cannot qualify for conventional financing, Owner Carryback financing can open the door.

From Rosey:

With all of the confusion that is going on in the economic world, and the way the media is spinning the story, you would think that money is not available to even buy a home!!! I think it is important for you to hear some truth before you do your open houses this week-end. I asked Long Mortgage to tell their story from this week’s activity---Here you go---

There have been a lot of questions as to whether or not mortgage companies are still lending money. Long Mortgage is lending money and will continue to lend money to our borrowers as we always have. We see the press talking about a “Credit Freeze” or “Credit Crunch” this in no way means that mortgage lending has come to a halt. This simply means that guidelines have tightened to avoid the higher risk loans that have caused much of our economic trouble. Long Mortgage and its partner Wells Fargo have always practiced responsible lending and as a result is now one of the strongest, most resilient banks in the world.

Please don’t make the assumption that there may not be money or loan programs available for your client. Long Mortgage is still providing all types of loans.

Thought you might enjoy hearing some stories of Loan which have been made in the last week.

Tony Poe of the River Campbell Branch recently closed Jumbo $600,000 cash out refinance. Long Mortgage has access to Wells Fargo’s Private Mortgage Banking that specializes in Jumbo loans and “High End Products”.

Cleve Smith of the Tanque Verde Branch recently closed a 90% LTV interest only conventional loan in 5 days. This loan was turned down by another lender and the borrower was told it couldn’t be done.

Brian York and Heike Shockley or our Sierra Vista Branch approved and closed a client on an FHA loan that was turned down by another lender after being in process for 2 months! Using a local assistance program the borrowers got into the home for less than $1,000 out of pocket.

Bond money is available to combine with FHA financing that can provide up to %100 LTV.(borrowers will be required to pay closing costs) Bond money is limited and on a first come first serve basis, when it’s gone it’s gone. You will need to speak with a Mortgage Consultant to see if your borrower qualifies for this assistance.