America is different then 3,4,5 years ago, everything was happening- people would make lots of money and then they spend lots of money, so everybody were saying hot it's amazing and how life in America is so Beautiful.
Real Estate was a huge part of this ordeal, I know lots of people not just in America but also people from Europe, the UK, China, Japan, people from all over wanted to come to America to buy Real Estate, To learn how to buy Real Estate or just to look at people buying Real Estate, and if you would ask a person "what are you doing here if you're not buying anything"- this person would say "it's just unbelievable, I had to see it with my own eyes to confirm".
Do you remember when your friends bought 2 or 3 different properties at the same time? sorry......100% Loan to value ? unbelievable.......
Back then You would go to a Loan Officer and ask for 100% LTV with 600 FICA score purchase of $700,000, the Loan Officer would say"Of Course" it's easy for him since anybody could do that , and the Loan officer would make lots of money from providing the client with an amazing interest rate.
WHERE ARE WE TODAY?
I live in Los Angeles California, here we're used to go out a lot and spend our money because we make so much....... or should I say we don't make so much anymore, so the streets are kind of like dieing.
Since I own a Real Estate Mortgage Company I've seen money in good times in Los Angeles California, but now the bank are tight....really, really tight, WHAT TO DO? It's effecting the Homeowners all around us, it's effecting investors also if they have money in the bank, other banks still will ask for all kind of things just not to do the Loan.
Real Estate Foreclosures are all over, every neighborhood, every town, every state but the most foreclosures I heard of are in California, Long Beach, Los Angeles, Riverside, Alameda, Santa Clarita and many more places.
THE GOVERNMENT SOLUTION:
FHA Streamlined Mortgage Loans, I do lots of FHA Streamlined Loans for Refinance and Purchase.
HOW DOES IT WORK?
FHA Streamlined Mortgage Loans are basically full doc Loans only and only approved Brokers can do FHA Loans.
You can qualify up to 4 people on the same application, it's good because it helps you to actually make this a full doc file also if the Borrowers are a low income family.
The Loan amounts is up to $720,000 and The interest rates are great, and the government is not that tough as I thought, they're actually much better then the banks out there that do conforming Loans.
Fidelity Mutual Mortgage it's my company, if you guys ever will need any help just not to loose your home or your friend's home, go fill up an application online, it's easy and will definitely help you.
Good Luck
