Property Purchasing Mortgage

Property Purchasing in Sabine LA

Not long after the housing bubble ruptured, many borrowers felt as if they had to put up their children as collateral in order to secure a Mortgage Loan. While it is true that some of those requirements are still pretty stringent, there are signals that you may find a regional Mortgage Lender or two who is loosening up a bit on the rules. Along with that, there are even a few credit unions and banks that are now offering products similar to those more aggressive lending practices of the past. 

For instance, some Mortgage Lenders and brokers have brought the piggyback loan back. This type of loan gets its name from borrowers taking out two separate mortgages, or line of credit loans, at the same time in an effort to avoid the requirement of including private mortgage insurance on the loan. This may be an option for those who would like to use Mortgage Refinance, or to purchase income property.

Some lenders are even offering 100 percent financing in those markets where there appears to be an upswing in home values or at least those values have stabilized. The difference between then and now is that lenders these days are only offering these loans to those who are able to afford the repayment, not just any borrower. If you live in Sabine LA, ask your Sun Mortgage Funding representative if you are interested in one of these.

These looser guidelines are certainly good news for those who were previously unable to obtain Mortgage Refinance loans when they needed them, but one has to remember that these are not the same as the old low down payment piggyback loans of just a decade ago. This practice is still in its infant stage, and if successful we may see more of it. 

The truth is that there were far too many complex and confusing loans being offered to far too many borrowers who simply were unable to qualify during the height of that housing boom. Today’s offerings seem more reasonable and, therefore, may just work better, but that remains to be seen. 

It seems that today's Mortgage Lender is beginning to offer home loans to average borrowers, depending on the situation. It had become a normal practice to only offer mortgages to those who were equipped with a 20 percent down payment and an excellent credit score of 760 or above. Nowadays, though, they are willing to provide the financing in some cases to those with a score of 720 if that borrower can come up with the 20 percent down payment on their own. 

Sun Mortgage Funding

3525 N. Causeway Boulevard , Suite 900

Metairie, LA 70002

Office: 504-837-3939

Fax: 504-837-1762

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