100% Financing, No Down Payment, USDA Loan for Chameleon Lending, and the Chameleon=aire

Lets step away from the so controversial “Bailout” talk for a minute. This is an industry for Realtors and Lenders that are willing to change right now. As water runs from a wide space to a tight space, it changes very quickly to meet it’s new boundaries. Everyone in the Real Estate business knows that the history of our industry is UP and DOWN. As the Real Estate boundaries change, so must the contents w/in it…that’s us Realtors and Lenders. There is very few people left with large down payment. There are many more buyers out there that need 100% financing, but can’t get it, that only 2 years ago would have had no problem. There is still 100% no down payment home loans in Texas, Dallas, Frisco, and what ever other areas. VA is 100%, USDA Guarantee Rural is 100% and allows the buyer to have the seller pay closing costs over the amount of the appraisal…yeah! It’s our job as lenders to decide which families are disciplined enough to get into a home that is leveraged by a 100% loan, and also that the home is not in a risky area that might depreciate quickly so the home owner couldn’t sell if he needed to.
As a Personal Mortgage Consultant, I feel that it is my duty to my clients and my Realtor alliances to be a chameleon lender right now and as week to week we see new FHA guidelines, conventional Mortgage Insurance changes, and all the other changes we are seeing happen so fast. I believe that if the Realtor or Lender in this market can target the right places with the right “tools”, they will be a chameleonaire and find success.