There are many changes happening in the mortgage markets. Is your loan officer "boots on the ground", full time, and educated? Most loan officers have less than five years of experience so handling all the changes that are occuring on a daily basis may be too much for them.

Today Washington Mutual announced that any Stated Income loan can not exceed 65% loan to value! That is a huge change and hopefully one that will be relaxed in the near future.

Now, just because WaMu has chosen this guideline in their underwriting process doesn't mean that everyone will follow suit. Many other lenders are doing Stated Income loans at higher LTV's.

It's important to remember that many guidelines have changed on all types of loans over the past ninety days. You need to be sure that your loan officer is keeping up. I wouldn't trust my mortgage to anyone but a professional who has been in the business for a decade or two!

Allow me to introduce myself: Mary Supinger......in real estate since 1985.