TWO notes before I go homeward bound……… 

1. Rates will have slight downtick on Monday.  I did not lock any loans today.  I am saving myself and my clients for next week.  The stock market will close down slightly and the bond yields are reversing, so we know that interest rates will be lower on Monday.  

The market fell today because personal spending is down to a 17 month low.  Thank God! I assume, people finally got it, or they simply tapped out their credit cards, or their HELOC’s were shut down (see yesterday’s entry).  

2. You must understand that if you want to or need to go stated income or no income verification in any way, your opportunities are being eliminated and your chances are getting slimmer.  The no income verification loans were labeled as sub prime, but were also available at very low rates from FNMA and FreddieMac for the best of the borrowers.  Then they slowly increased the required FICO score and lowered the loan to value.  Over the next few weeks no matter how good your credit or how much equity you have, you will have to verify your income.  

 Will this eliminate you?  This means you, Eric!

Anyway, hooray for the weekend! I really need it. 

 Enjoy your weekend also! 

– Dale Siegel