Nigel Chapman | Altoona Iowa Real Estate for Sale: August 2007

Way to go RE/MAX Agents! Another town where we have a lot less agents than the largest local company and yet again we have premiere market presence!

Based on Listing and Selling Units

32.3% - RE/MAX - 1523 Units
31.3% - Iowa Realty - 1476
11.3% - Coldwell Banker - 530
10.7% - First Realty - 505
14.4% - Others - 678

Data from the DMAAR MLS. 
DATE RANGE:  1/1/2007 to 7/31/2007

Property Types: Commercial, Multi-Family, Land, Residential
Both Number of Sold Listing and Selling Transactions

So, it seems the screw tightened a little more last week! If you want a full doc 80/20 loan and have a 720 or higher credit score, then your 2nd mortgage rate will be AT LEAST 10.5%!! HELOCS are not allowed. If your credit score is less than 720, you will only get a mortgage for 95% Loan to Value (LTV).

The Feds lowered interest rates last week - whoopeee! I am still trying to decide if that has actually helped us???  The rate could be 0%, but if the criteria  keeps  getting tougher, no-one will qualify. Imagine next month, "Please Mr mortgage man, I have an 849 credit score and $90,000 to put down on my $95,000 purchase and an income of $75,000 per year and no other debt - would you pleeeeeeeease give me a loan."

Sorry for the sarcasm, but this is getting really scary right now! I know it will settle down and when the dust clears things will get better.

If you have money to put down and want to get into investment properties in the Des Moines Area, please contact me - I will soon have a ton of contract buyers for you! :)

If you are a Realtor, Lender, Builder or investor - read this! This is an excerpt from Citi Mortgage Wholesale Division's recent bulletin. As always, I am sure other lenders will follow suit!

Real Estate Professionals - Applies to InterFirst CES Only

Loans to Real Estate Professionals are subject to the following:

• The maximum CLTV permitted is 90%.
• Stated income and/or stated assets are not permitted.
• The borrower’s income, assets and employment must be verified.
• Real Estate Professionals, as used in this policy, include:

 Real Estate Brokers, Real Estate Agents, and employees of Real Estate Brokers or Agents

 Property Managers and employees of property managers/management companies

 Home Improvement Dealers and contractors and their employees

 Home Builders and General Contractors, and their employees

 Real Estate Investors (Defined as any person who owns more than two properties)

 Mortgage Broker or any employee of a mortgage broker.

 Principals, officers and employees of any mortgage lender (excludes national banks).

 Title company principals, managers, or employees.

 Real Estate Appraisers or any employees of real estate appraisers or appraisal management companies.