Financial Update by Maurice Soussé

Welcome to January 10, 2014. Doomsday or clarity? Today the infamous Dodd-Frank rules go into effect. Lending has officially changed.

The first question is, will this affect you? In 92% of cases, no. Shall we move on? Not yet…

It is important that you know that the “ability to repay” rule is still very vague in nature. We still have a great program for the self-employed using just 12 months business bank statements. We also still have our asset depletion program for borrowers who have a substantial net worth. Don’t get discouraged. Remember, 92% of all loans didn’t change.

We have attached a great piece from the Consumer Finance Protection Bureau which shows fact and fiction:
Consumer Finance Protection Bureau article

We have changed the rates a touch they are now just a click away at any time for you. Please take a look at the 30 year fixed rates. They are still very low…even on the jumbo loans.

Go to www.avislendingblog.com for current rates.

This week’s quote about change is from Jessica Jackley who said “I believe in entrepreneurs. I believe in their ability to make positive change in the world.” Just think about the positive change you make in peoples lives each time you help them sell or buy a home.