Louisiana First Time HomeBuyer Program
 

This program has been canceled until further notice.. Sorry

Hey Marshall!!!!Don't you think you should have just bought an ad from SBLive instead of taking up board space??????

In reply
 

I'm sorry, this article was printed in the Shreveport Times, because it is informative, as well as extremely beneficial for those who qualify. Am I to apologize to the single mother who is able to purchase a home for her family, because she learned of this program through this means?

Do you want me to believe that you came on this forum and posted all of that information for single mothers? While yes it is quite informative it is apparent that you have something to benefit from this program.

In Reply
 

I hope that you are not upset because this program only applies to residents of Louisiana, but I am glad nonetheless that you find the article informative.

Sweetheart, I wouldn't need this program. No, I am not upset. I just find it rather interesting you came to this forum and posted with that information. In my opinion it is your tacky attempt to drum up some business for yourself.

In reply
 

I am happy that you are one of the more fortunate in this world that does not "need" a program of this sorts...Perhaps you know one of the 80% of the population who would benefit from this program. It may be hard for you to imagine, but 80% of the population does not have enough money for a small down payment, more or less closing costs.... With all do respect, I have the highest degree offered in my field, and graduated Magna Cumm Laude.. I also work for the top mortgage firm in the state, and I promise you, I would not be where I'm at today if I didn't truely care about the "80%". Thank you for your concern, you advice has been noted.

Didn't read the advertisement
 

Attachment 1837
Tbelle, I think you should apoligize and buy him a cheeseburger from McDonalds on Linwood.

Better than that Howela, I'll cook it myself!!!!!!! :eek:

Marshall, I hope that you don't expect me to believe you are in the mortgage business because you are worried about the lives of the 80% of the population you refer to? I think your checkbook balance is your primary motivation and maybe somewhere down the list of motivating factors is the welfare of the population.

P.S. I have some oceanfront property over here in East Texas if you'd like to help me with that!!!

Marshall tucking :duck:
Attachment 1839

Personally I don't have a problem with someone coming on to this board looking to drum up some business.. it's a Louisiana based company, hoping to server Louisiana residents.. so I guess that makes it relevant.

However, I will say that for me, mortgage companies have taken on a bad rep, due to all the FREAKIN' spam I get regarding mortgage rates etc..

Good luck, and welcome to SBLive! :cool:

Latenight, if he wants to drum up business why doesn't he do what the rest do and buy an ad????

good one Isaac. Sic 'em Tbelle.

You do not mess with Texas she will bite your head off. Do not feed the animals they bite :laugh:

Attachment 1840

I'm glad to see you understand, Isaac.

Oh, I'm sure the folks at SBLive would appreciate him buying an ad. :) But I just think a forum like this.. for a business.. allows them to post some information. allows possible customers to ask questions.. and those exchanges are available for anyone to see.

On the other hand, if we just want to dislike him because he works for a mortgage company, I got no problems with that either :)

Hi Mr. Graham - given the issues in your market right now, and the possible fallout (and present fallout) - (1) how will the process of applying for and qualifying for a mortgage change from this point going forward? (2) Will 1st time homebuyers have it harder? (3) If I am relocating from let's say North Carolina to Seattle to be closer to my main office and want to maintain the same size and level of housing I will need a -much - larger mortgage. Will the current fallout make my chances harder to qualify (assuming lateral xfer and no pay increase).
Thanks for your insight.

Thank you for your question!
Over the last 7 years, we have all witnessed a more relaxed industry in regards to the availability of home ownership.. "(no credit, bad credit) (No money down).. etc. I'm sure you've seen all the commercials!" The recent fallout, as you called it, has had some affect on the mortgage industry. Fannie Mae has tightened regulations on loans that statistically are more inclined to default. Unfortunately, this regulation does affect the first time home buyer... Why? because these clients typically do not have a favorable amount of liquid assets set aside, and are therefore more inclined to seek 100% financing. Five months ago, a client with a 650 credit score with no cash on hand would have no problem receiving a prime rate. Today, you better be in the 700's...

If your credit score is < 700 and you're looking for 100% financing you better have at least 2 months cash reserves in the bank. A reserve = 1 months housing payment.
So, if your estimated housing payment is $1500, you must be able to document a minimum of $3000 + closing closts and prepaids..

In regards to your transfer:
There are only 4 variables in regards to mortgage lending. Term, Payment, Rate, and PV (Loan Amt)
Assuming your term is 30yrs (360months)
Interest rates are still excellent. The current market rate for 100% financing 30 Year Fixed Rate is 6.25% Your larger mortgage payment would therefore depend on purchase price. I am unfamiliar with the housing marketing in Seatle, but as a whole, the housing market has increased significantly over the last 5 years....Your issue therefore is Debt Ratio,, which is basically a clients ability to comfortably make their payment. Typically, a debt ratio will need to be 40 something percent.
So, look at it this way:
Income $50,000
Monthly $4,166
50% $2,083
So, take the $2,083 and subtract all of your current payments... Including: all installment and revolving accounts
Car $350
Credit Card $100
Credit Card $20
Student Loan $230
So your estimated housing payment (including escrow) cannot be more then $1383
So depending on the taxes and insurance in that area, you're probably looking at a purchase price of around $160,000...

We are currently offering our first time home buyers a 5.55% Fixed 30yr 100%financing loan, but unfortunately, this program only applies to purchases within Louisiana....