Has The Market bottomed out?

There is some truth to the statement the market has finally bottomed. Over the last few months we have seen mortgage companies pull back, change programs and then ultimately close their doors. Unfortunately, we may see a few more failures but as far as programs available we have bottomed out. "So what is left?" If you were in the business like I was in 2000 the average buyer had money down, good credit, wanted a 30 year fixed and could verify their income. Today we have come full circle. This is the ideal candidate for those investors that remain.The difference from then to now is that we still have 100% financing loans. The requirements for approval are considerably different then they were three months ago but they are still there. Regrettably, foreclosures and short sales will continue and it may be some time before we are able to determine what the true value of a home is. We can move this process along if you are familiar with which clients qualify and for what amounts. For the time being it would be prudent to inquire about income verification. If a client has to go stated then I would make sure they have at least 10% down payment. If they have had challenged credit then be prepared to use the FHA. In Clark County, the maximum loan limit for FHA loans is $304,000.00. If you want to use one of the 100% loans offered for lower income clients then make sure their income does not exceed $59,050.00. If your client is looking for interest only then they should have high FICO scores. Lastly, if your client is considering a jumbo loan which is a loan amount greater than $417,000.00, be prepared to pay a higher rate. Currently these rates are being quoted at 7.5% for a 30 year fixed.