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  The Neighborhood Report - Englewood

  John Butzko 3:00 pm on July 9, 2009 | Comments:1 Permalink | Reply
  Tags: Englewood (7), financing, first time buyer (14), foreclosures (10), Mortgage (16), Short Sales (4), tax credit (22)

  Visitors from around the world choose Englewood for its unspoiled beaches and some of the richest fishing grounds found in the Gulf of Mexico. Staffed by an exceptional team of area specialists, our Englewood office is strategically located at the intersection of Highway 776 and Beach Road, along the shores of Lemon Bay.

  How’s the Market in Englewood?

  According to Barbara Fendley Saputo, branch manager of Michael Saunders & Company’s Englewood office, business to date in 2009 has surpassed 2008 in the same timeframe by 27 percent. Every component necessary to make this an opportune time for a buyer is in place:

  • Low interest rates
  • Reasonable prices
  • Favorable exchange rates for foreign buyers (More …)

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  The Conservative Shift of Mortgage Lending

  Ann Stickel 4:25 pm on May 27, 2009 | Comments:0 Permalink | Reply
  Tags: borrower, credit, financing, lending (2), Mortgage (16), pre-approve (2), pre-qualify, real estate market (100), scrutiny (2)

  Wow! … You know the old saying that the more things change, the more they stay the same? That has been especially true with the changes to the secondary market (Freddie Mac and Fannie Mae) lending guidelines for residential mortgages.

  We’re living with and through a very conservative shift in the secondary market’s credit requirements and a dramatic emphasis on the evaluation of a borrower’s income, assets and credit profile.

  Some examples of what feels like an overly conservative swing in the underwriting evaluation would include a borrower’s need to address and explain any unusual deposits reflected on a bank statement (typically anything outside of what looks like a paycheck - explanations of deposits used to be limited to just large deposits but not anymore), obtaining written and verbal verification of employment several times during the processing of the loan even up to the day of closing, and explaining any and all credit inquiries on the credit report to ensure that no new debt has been incurred. (More …)

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