Financial Update by Maurice Soussé

There is so much to talk about today. Unemployment numbers came this morning with another weak month of additions to the job markets. The only good of this news is the flight to bonds helping to keep rates low.

Here is the money shot today…we now once again have a “Declared Income” loan. Please don’t use Stated Income…why?…I don’t know. Our new Declared Income loan is for a borrower with a large down payment, great credit scores and strong reserves after closing. Here are some details:

5/1 ARM; 30% down payment up to $1 million loan amount, 40% down payment up to $2 million loan amount. Minimum FICO is 700. Single Family Residence only; NO condos. No Tax returns needed. Owner occupied and second homes are okay.

Post-closing reserves are based on Loan Amount:

  • $417- $650k Loan: $100,000 in post-closing liquidity
  • $650k-$1million Loan: $250,000 in post-closing liquidity
  • $1m- $1.5 million Loan: $500,000 in post-closing liquidity
  • $1.5 m- $2 million Loan: $1,000,000 in post-closing liquidity.

The rate on this program is in the low to mid 5’s but can really help someone who is self-employed or has strong financial reserves. Call me for further details.

In honor of the opening of the Olympic Games this evening, our quote comes from Jesse Owens who said “If you don’t try to win you might as well hold the Olympics in somebody’s back yard”. Be a fierce but fair competitor in your business and you will truly enjoy the game of sales.