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September 6th, 2007 11:34 PM

Dear Friends,

As promised in our previous posts, we have decided to streamline the loan programs MoneyTeam will be offering on its websites.

Beginning on Monday, October 8th, our 18th year of operations, MoneyTeam will do the following:

1. MONEYTEAMUSA.NET - This website will be devoted to loan programs and to borrowers that have secured a minimum middle FICO score of at least 680.

We will accept STATED INCOME/STATED ASSET & STATED INCOME/VERIFIED ASSET loan requests for borrowers securing a minimum middle FICO score of 680.

In order to receive the BEST PRICING on a FIXED or ARM loan that's available however, we recommend our clients to fully document their income by providing their last 2 years of their 1040's, the last 2 years of W2 income and their most current pay check stubs.

Additionally, an average balance of at least 2 to 6 months cash reserves of PITI which consists of a monthly - Mortgage Payment + Hazard Insurance + Property Taxes - may be another requirement.

Furthermore, requesting a loan that fits the FNMA/FHLMC conforming guidelines, where the maximum loan amount is $417,000 for a Single Family Residence - would be ideal for premium mortgage pricing.

Please understand about credit scores. If a borrower has a credit score lower than 680, it is highly recommended the client provide income documentation to secure premium mortgage pricing. A minimum middle FICO score of 620 is needed to secure a favorable outcome for a Purchase or Refinance loan request with income documentation. If a borrower is unable to provide the documentation requested, this loan will be considered ALT-A. Our website MONEYTEAMUSA.COM will be able to offer this borrower the financing requested.

Any amount over the current conforming limits are considered JUMBO loans. MoneyTeam will do its best to secure premium pricing on this type of financing.

As discussed in a previous post, JUMBO loan rates have increased dramatically due to the mortgage mess where investors are no longer willing to be involved nor take risks on this type of product. The good news is that we have seen JUMBO rates start to fall & there are indications the Federal Government might soon be increasing FNMA/FHLMC loan limits.

The same recommendations and prerequisites as outlined for conforming loan borrowers as mentioned before, are expected of JUMBO loan requests. For many years we did our best to 'either meet or beat any advertised fixed rate loan' and we are eager to continue on this path.

2. MONEYTEAMUSA.COM -  We will revamp this website and it will be devoted to those borrowers that have credit scores lower than 680 and/or unable to fully document their income.

Moreover, borrowers that have credit problems in a form of a bankruptcy filing in the past 2 years - over 2 mortgage lates in the past 12 months - currently facing foreclosure or have much lower credit scores - this site will be devoted to help provide financing solutions.

This site will also provide financing for the following LOAN PRODUCTS:




This restructuring is an attempt to help us provide better service and pricing for our clients.

We will also be reviewing both websites continually to better accomodate the needs of our borrowers in either a Purchase or Refinance transaction.

Thanks Again





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Posted by Jesse Dorado on September 6th, 2007 11:34 PMPost a Comment

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