Prologue
Your
Mortgage Finance Committee is proud to present a guide to assist you
in determining the viability of various mortgage programs and to
assist you in understanding the various options that may be available
to your clients. This
document was put together by a very hard working committee, the
leaders and staff of the
Carroll
County
Association of Realtors, and the CCAR Web Site Committee.
The forethought of this guide was in response to the financial
crises that developed over the past few years and to keep you abreast
of the ever-changing rules and regulations that affect mortgages and
your clients ability to qualify for financing.
These changes have impacted just about anyone wanting to
purchase a home, from the first time homebuyer to the to the buyer of
a million dollar estate. Most
of the changes have made it more difficult and more expensive for
buyers by increasing credit scores, increasing down payments, risk
based pricing and so on. As
theses changes have gone into effect and the economy has moved into a
recession the sales and values of residentional owned properties have
deteriorated putting
Maryland
into what is referred to as a “Declining Market.”
This market has then made it more difficult for current owners
of residentional properties to sell their homes and pay off their
current mortgages, resulting is situations, which have increased
foreclosures and short sales. The
industry and government are addressing this situation as vigorously,
as possible coming up with additional programs to assist homeowners.
So as we try and protect, improve and move the Housing Industry
forward we are receiving changes in Mortgage Programs, Mortgage
Insurance and Industry Guidelines daily.
It is imperative that you align yourself with a reputable
lender whom you may contact anytime you
have a question and to qualify your clients.
It is also a good idea for that client to submit their
information to an Automated Underwriting System to check on their
eligibility for a loan. What
is good today may not be good tomorrow.
Please check the online Mortgage Financing Guide at the CCAR
website for changes, call your favorite, or a member of the committee.
“Do
Better Business…. The Carroll Way!”
The
information provided in this manual reflects current mortgage
information which may be subject to change
without
notice/or which may have already been eliminated. Your transaction may
involve updates periodically.
Consult with your mortgage loan officer for updated information.
April 2009
