In an Appreciating Housing Market, Lender Credit are More Important than Ever

Dear Friend

From January of 2012 through April of 2013, my team and I have closed 83 Loans for FHA, VA or RD Borrowers.

Although, this is not a huge number of loans over a 16 month span by any means, it is one of the reasons why we can move so quickly and efficiently – because our pipeline may be smaller, and easier to manage than perhaps some other Lenders?  Of these 83 borrowers, 73 of them not only paid NO Lender Charges to us, but received a “LENDER CREDIT,” essentially getting paid from us at closing in the form of a “LENDER CREDIT” to offset title fees, appraisal fees and even tax escrows.  This accounts for 89% of all our FHA, VA & RD Buyers receiving “LENDER CREDITS,” however, most all of the Buyers who elected to pay some Lender Charges to get an Even LOWER rate, still paid less than $500 in total Lender Fees!  In some cases, our Lender Credits were sufficient to pay for ALL the Buyer’s 3rd party closing fees, AND pre-paid escrows for taxes & insurance, allowing them to purchase the home for their minimum 3.5% down payment required by FHA with NO Seller concessions!

In the appreciating housing market we are seeing, Lender Credits may be more importantly than ever….If you know someone who is currently in the housing market, you don’t need a Loan Officer to tell you how competitive it is to get an offer accpeted, but I can help them by reducing or even Eliminating other costs that a Buyer would have to otherwise have to ask the Seller to pay!

•         No Upfront Application fee (for filling out the paperwork of a pre-approval)

•         FHA, VA & R.D. Rates competitive with the competition but paying No Lender Charges, but paying “LENDER CREDITS!”  Our “Lender Credits” just that, true Lender Credits, they are not offsetting other fees that a Lender would charge, such as their:  “Processing Fees, Underwriting Fees, Application Fees,” etc

•         Submitting R.D. loans to the R.D. office for final approval within 24 days on most loans.

•         Still Closing Most FHA, VA & Conventional Loans within 28 days!

The 3.25% is BACK with PAYING YOU “LENDER CREDITS” – Paying YOU Money to Borrow 30 years at 3.250% FHA Fixed Rate Loan with APR 4.455%

Dear Friends:

It’s Baaaaacccck….

Watch and listen to the expensive mortgage ads on t.v. and the radio…

THEN ALSO be sure to ask friends, relatives, co-workers, and Real Estate professionals locally who know:  “Where is the best place to get my FHA, VA or R.D. Mortgage?”

Yes, at Priority Mortgage, we’re Still closing most FHA & VA loans in less than 28 days or Less.  And, as compared to last Sunday’s area mortgage rates (4/7/13) for a $165,000 mortgage, our 30 year FIXED, FHA Rate as of Friday (4/5/13) is 3.250%.  This Low Rate not only comes WITHOUT any Lender COSTS, but is PAYING a “LENDER CREDIT” “to the Borrower of (-$1,320.)  That’s right, for a $165,000 FHA loan, One Thousand, Three Hundred & Twenty Dollars (-1,320) would be paid to the Buyer, to borrow money from us in exchange for us Lending them 30 year Fixed Rate money at 3.250%  This is real… ☺

The 3.250% is based on our Rates as of Friday, April 5th, 2013 with 680 credit scores.  APR is 4.455%.  The Lender Credit and/or Interest rate may be better or worse for the borrower depending on Loan program, loan amount, Interest Rate, or whether credit score is higher or lower than 680.

Home AFFORDABILITY Reaches Record High

NAR: Single-family housing at most affordable since 1970

Monthly Housing Affordability Index hit all-time high in January (2012):

The Index, calculated monthly, aims to measure the affordability of a median-priced,
existing single-family home by a median-income earning family.  An index of 100
represents a family’s ability to exactly afford such a home… This past January,
the index exceeded the 200 mark.
By Jeff Zagoudis, Associate Editor
March 12, 2012
[NAR, Housing Affordability Index, January 2012, all time high]
January 2012 marked the first time NAR’s Housing Affordability Index
equaled or exceeded 200 since its inception in 1970.

Housing affordability hit its highest point since 1970 in January (of 2012) at 206.1,
according to the National Association of Realtors’ Housing Affordability Index.
This continued an upward trend that started toward the end of 2011, according to
Inman News.

The index has been steadily climbing since 2009, when it was at a level of 169.4. It finished 2010 at 174 even and climbed as high as 197.9 in 2011.

NAR calculates the index every month using current median home prices, median family income and average mortgage interest rates; a higher score mean greater affordability. The index was designed to measure the affordability of a median-priced, existing single-family home by a median-income-earning family.

A score of 100 indicates a family can exactly afford that type of home, including a 20 percent down payment and mortgage payments at 25 percent of the family’s gross income.

The January figure marks the first time the index has matched or exceeded 200 since NAR rolled it out in 1970.

Why Pay the Lender for taking your Mortgage Application? LET THE LENDER PAY YOU!

Dear Real Estate Professional –

Having trouble with the Seller paying  closing costs for your buyers?  Have the Lender pay them!  There’s no reason your buyer’s should “Have” to pay: Application fees, tax service fees,
processing fees, underwriting fees, points or origination fees…  Ask me how the
Lender can pay YOUR  buyers for their mortgage business while still receiving a
Low 30 year fixed rate, or 15 year fixed rate! At Priority Mortgage, we want
your business and can credit a mortgage applicant money toward their Appraisal
Fee, Title Fees, and even Property Tax and Home Owner’s Insurance escrows at

Allow my (almost) 25 years of mortgage experience work for