Just received this email from Sibcy Cline Mortgage about the current state of affairs and thought I would pass it on you those of you out there concerned about getting a loan. See below to find out what SCMS has to say about the state of affairs.
“Sibcy Cline Mortgage remains a strong and sound partner for your buyers even under the current market conditions. Our Lender partners like Chase, Wells Fargo, US Bank, CitiGroup and more are some of the strongest Lenders recognized today. Their lending practices and underwriting standards have tightened but they have plenty of liquidity necessary to fund and service many loans. Let’s spotlight CitiGroup for just one minute. On September 29, 2008 Citi announced that they would purchase the ailing Wachovia banking operations for 2.1 Billion. That day, the Associated Press said “With the acquisition of the bulk of Wachovia, Citigroup has reclaimed its title as the biggest U.S. bank by total assets – $2.91 trillion. In terms of how shareholders value each company’s stock, Bank of America Corp. remains the largest U.S. bank, followed by JPMorgan Chase in second and Citigroup in third place.
Sibcy Cline Mortgage has been around for more than 25 years and has experienced several difficult markets. We were in business during the Ohio Savings and Loan crisis when Governor Celeste closed every Ohio Savings & Loan in March 1985. We continued to originate and close loans. We had options back then and we have many more, stronger options today.
Sibcy Cline Mortgage has competitive Conventional, FHA and VA financing programs. We underwrite loans locally making sure every borrower is well qualified to purchase the home and make payments until they are ready sell the home and return to you for their listing.
A recent survey of closing fees showed that SCMS was 33% to 47% lower in closing fees than our top 5 competitors. That is a substantial amount of money your buyer does not have to spend. After conducting this survey using closed HUD 1 Settlement Statements from Cincinnati, Dayton and Northern KY we did not raise our fees to be closer to our competition, but we “reduced” our overall fees by another 4%.
Let us call your buyers for you today. Take comfort knowing your buyers are working with a professional, knowledgeable and sound lender for their financing.”
So there you go, at least one local lender is ready and able to fund your mortgage. I also spoke with a 5/3 lender yesterday and he said he is ready to write- the money is there, you need to be qualified but he can get you the loan if you are. So if you are concerned about the lending crisis and worried you can’t get a loan- do some research and find a reputable lender. Now is a great time to buy- rates are low and there are plenty of homes to choose from.