E-mail to CNBC re: 100% Financing and Stated Income

Good morning:
My name is Rich Bouchner and I am a principal at Commodore Mortgage Group in Jersey City. We are licensed in 8 states, and have been in business since 2003. I enjoy your work on CNBC and just wanted to offer my two cents on what seems to be available in the mortgage market place.

As you know, many lenders that had previously played in the Alt A space (loans that are above conforming limits, stated income, ect) have either pulled out of the space (Chase, Wells Fargo) or have gone out of business all together (too many to mention!). However, 100% financing and stated income deals do exist, though they are harder to originate.

Fannie Mae is still offering no money down deals for purchases. Credit needs to be in the high 600s, and borrowers are required to buy mortgage insurance. As of last week, 30yr rates for such programs were in the mid 6s.

Stated income programs are still out there as well, but except for one lender that I know of, all of the programs for those that are not self-employed, have vanished. Citi has a stated program available for 2 family investment properties up to a 80% loan to value, as long as the borrower is not taking any cash out of the property.

Hope this helps clarify what is available these days. The market is definitely challenging. Many deals that would have gotten done 6 months ago are no longer possible, but many people who should be getting loans are still getting them. Those w/ poor credit, or few assets, will most likely need to stay on the sidelines until they become stronger candidates.
Thanks,
Rich

Richard C. Bouchner
Principal
Commodore Mortgage Group Ltd.
"The Right Loan at the Best Rate"
One Exchange Place, 9th Floor
Jersey City, NJ 07302
direct: 201.830.1801
direct: 646.825.5734
cell: 917.627.3459
toll free: 888.604.7400 ext 1801
fax: 201.434.7601
www.CommodoreMortgage.com