Karen McCall (McCall's Real Estate)

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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Sorry that happened, but it's no surprise really: Lending is changing daily, nothing should be a surprise the last 4 weeks; we need to do what we can, with what we have and some will have to wait until we're virus-free in real estate. Ask Jason E. Gordon for his insights.

Apr 03, 2020 04:09 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

In this time of uncertainty, I'm not really surprised. It seems each new day brings about more scrambling to new information

Apr 04, 2020 07:47 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I don't understand why lenders are doing such a thing, it seems like they are greedy to me, but what do I know.

Apr 04, 2020 07:06 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Why do we forget how lenders failed back in 2008 and a new learning curve was introduced? They remember well and are putting into place dynamics to protect their industry. After 20008, when they got back on their feet lending resumed. Same will happen here. What we all are objecting to is the pause

Apr 04, 2020 06:26 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I would consult with a lender.  A

Apr 03, 2020 07:40 PM
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yeah, lenders are pulling out of the market.  Saw something today they're expecting a TON of defaults soon.

Apr 03, 2020 07:00 PM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I'm surprised. Hopefully a AR lender like Chad Vogel can tell us what is going on.

Apr 03, 2020 05:54 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

So sorry to hear. I suspect lender issues are becoming more common these days.

Apr 03, 2020 05:30 PM
John Juarez
The Medford Real Estate Team - Fremont, CA

Wow! That is too bad, Karen McCall. These are indeed challenging times. 

Apr 03, 2020 04:29 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Turbulent times, cant blame lenders for being cautious.

After reading some of the provisions being forced on employers I suspect that they will be ultra cautious too.

Apr 04, 2020 07:55 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I had not heard that. Check with Ginny Mae direct. Is anything on their site? Check with a different lender as well

Apr 04, 2020 05:19 AM
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

I suspect it will be hard to get a loan as long as borrowers don't have to make payments.

Apr 04, 2020 03:08 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

scary times.  Hoping my daughter can close on her permanent loan very soon. 

Apr 03, 2020 10:44 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

So sorry, Karen! Perhaps, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/RefiGeorge Souto or John Meussner can answer for you? 

Apr 05, 2020 09:25 PM
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I didn't know that you could use FHA or VA Financing to build a home.

Apr 04, 2020 12:05 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

it does not surprise me.  I have hope that this will last shorter than they think and the economy is only taking a short term hit.

Apr 04, 2020 08:43 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Yes, lenders are pulling back on FHA's because there are no investors to buy them for some reason. Loans over 1M have also closed shop.

I think it started rumor wise around 10 days ago with 3 weeks ago they started not processing refi's even though they were almost completed. Pretty wierd.

Apr 04, 2020 07:58 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Yes. Really. 

Unfortunately, COVID-19 is impacting many aspects of our collective lives. 

We are facing very uncertain times.  

Apr 04, 2020 07:52 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Not a surprise. Do not take in these who are not able to handle a converntional mortgage. No proof of 20 pct down so sorry.

Apr 04, 2020 07:33 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, lending rules are changing. Also, in many places, construction like this is not allowed (now that may change in 3 to 4 months).

Apr 04, 2020 04:34 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Unfortunately, these are difficult times and Lenders, as well as Government Entities Insuring mortgage loans, are reassessing the risk levels. Currently, new construction is viewed as fitting into that "riskier" category ...

At this time, Lenders are seeking ways to limit risk.  In addition,  they have pretty much taken Jumbo Loans off the table ...

But perhaps of more note:  FHA has increased requirements on Credit Scores on standard transactions as well.  The minimum score has just recently been increased to 640 (in MOST Cases.)

Until things stabilize with the economy, job stability, and the rest, expect more changes (and tightening). 

Hope this info proves insightful and beneficial ... I appreciate the shout out, Debe Maxwell, CRS ... and the opportunity ...




Apr 06, 2020 01:56 PM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Hi Karen McCall  - and thanks Debe Maxwell, CRS for the mention!   There's a little bit of a crunch on government loans right now - without knowing specifics of your buyer's situation I wouldn't know why things were denied, but I have seen really large rate increases (that happened literally overnight) increase borrower debt-to-income ratios to the point where they no longer qualify.  Lower FICO tier options have also been cut off, so if your borrowers scores are below 660 they'll have a much tougher time.


NonQM was the first shoe to drop with what's happening, and GinneMae products have been the 2nd - they're still available, but many loans went from "do-able" to "nope" nearly overnight.  Feel free to reach out if you have any questions or know the details of their scenario, I'm happy to help you find options if they're out there.

Apr 06, 2020 11:09 AM
Arthur Simons
The Good Home Team - The Colony, TX
I am a Real Estate consultant.

In Texas lenders have added a few extra overlays. There hasn't been actual changes to Fanny or Freddie requirements. What We are seeing is the invesotrs that buy the loans are getting a stricter on FHA and VA loans. There have been no changes on a convential loan.

Apr 06, 2020 06:38 AM
Roy Kelley
Retired - Gaithersburg, MD

Expect changes during this troubled time.

Apr 04, 2020 03:50 PM