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FHA and Mortgage Insurance to the Rescue

(PRWEB) October 28, 2007 -- People with poor credit scores are now going the way of FH and mortgage insurance. Mortgage Brokers for Lonestar Financing are pushing mortgage insurance harder than ever before. "There is a place for all mortgage services and loan options, and mortgage insurance now maybe makes more sense than in years past", says Lisa Thompson of Lonestarfinancing.com headquartered out of Dallas, Texas. Our Dallas Mortgage Brokers (http://www.lonestarfinancing.com/mortgage/texas/dallas/), have been emphasizing the "back tobasics" theme over the past few months with the current mortgage fallout, says Thompson. Current Texas mortgage rates:

30 yr fixed mortgage 5.85%

15 yr fixed mortgage 5.50%

30 yr fixed jumbo mortgage 6.50%

5-1 ARM 5.58%

5-1 jumbo ARM 6.11%

For loan officers who entered the business in the past five (5) years, they've only experienced the "good times" and will need to refocus on traditional type loan packages,said Mark Powers of the Houston Mortgage Lending (http://www.lonestarfinancing.com/mortgage/texas/houston/) office for LoneStarFinancing. Like most current mortgage companies, we have some newbies that can't even spell FHA, said Powers. Lonestarfinancing.com is an online mortgage broker that uses an advanced automated underwriting technology to shop loans with local lenders. Lonestar has been successful with this "buy local" sales approach and with a steady online marketing prowess are staying ahead of their competition during the cold months. Even with this success, Powers says they are refocusing their sales department to FHA and mortgae insurance.

Powers and Lisa Thompson, said that during the hay-day days of the housing boom, mortgage lenders would guide home buyers with subprime credit to subprime loans. And traditionally they would advise them to finance part of their down payment with a home equity loan.

Sure in hindsight, "we all wish we had trained our loan officers to sell mortgage insurance," Powers said. "The reason we're in this crisis is that we got away from the traditional safeguarded loans".

Like most brokerages, Lonestar is guiding their loan officers to steer borrowers with weak credit to loans insured by the Federal Housing Administration and advising those with little savings to get mortgage insurance if they are unable to put 20% as down payment.

FHA programs are intended for first time home buyers and homeowners with weak credit scores. Borrowers with FHA-insured loans - which they get from private lenders as they would any other mortgage - pay a small premium to the FHA every month. The FHA, in turn, uses those premiums to cover the lender in the event of foreclosure and requires lenders to pursue viable ways to help borrowers avoid foreclosure if they become delinquent.

Powers said he can remember a time when FHA loans made up clost to 30 percent of LoneStarFinancing.com's business. During the past five years however, FHA loans had shrunk to about 3 percent of their business. Mortgage Brokers Plano Texas (http://www.lonestarfinancing.com/mortgage/texas/plano/) and Austin markets continue to thrive for in spite of current market trends. If you would like to know more about Lonestar Financing, you can visit their website at Texas Mortgage Brokers (http://www.lonestarfinancing.com).

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