May 2020 Loan Program Updates During COVID-19 OPTIONS FINANCIAL

Loan Program Updates with Dave Duty

Dave Duty here with Options Financial! Hoping everyone’s staying healthy and safe during this quarantine. First, I want to say that the vast majority of loans that were available, and clients that were qualified for a loan prior to COVID-19 are still going to be qualified. There are lots of rumors out there, and not a lot of facts, so if you have questions on what might be available, please let us know.

Conventional Loans

We’re seeing Conventional loans still widely available without a lot of restrictions. One thing to note, if there are any potential delays in closing such as escrow holdbacks, or some appraisal issues, we’ll want to watch those carefully because a lot of those programs are just not available anymore. Otherwise, Conventional loans are still in the vast majority. Rates are great as they are with most loan programs right now.

FHA Loans

Not a lot of restrictions on FHA either. The biggest issue we have right now is no manual underwrites and a lot of lenders are limiting FHA approvals to a 640 credit and above. So, some people who were qualified before may not be qualified with some lenders. We still do FHA loans and have sources for them. We just want to know upfront what’s going on.

203K Renovation Loans

In general, we don’t have any loans available for 203K right now. We expect everything to return after COVID, but if you’re in the midst of one of those right now just know this could be a challenge for obvious reasons.

VA Loans

VA loans are still widely available. If you do have a veteran with some unusual circumstances and we need to do a manual underwrite, that’s one of the things that’s not going to be available during COVID. It’ll require some due diligence, but VA, in general, is still available and there’s not a whole lot of restrictions on it.

USDA Loans

As with VA, there’s not a lot of restrictions for USDA right now. We can’t do a manual underwrite on USDA either and that’s where we run into some debt-to-income issues, so if you have a USDA buyer we definitely want to regroup with them and make sure that any approvals that we have out are going to still be in place. Especially buyers who are pre-corona and had their approvals prior to all of this.

Jumbo Loans

We’re seeing some improvement in pricing on Jumbo loans. I anticipate Jumbo’s coming back, but we’re still a little ways away from great Jumbo rates. They ARE still available and there are certainly buyers out there that can use Jumbo loans.

If you have questions about these programs or any other programs we offer just give me a call. I’m working from home and happy to help. Stay safe and stay healthy!

Dave Duty
Loan Officer NMLS 261471
(503) 816-7071

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