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Thursday, November 29, 2012

HARD Money loans are changing in 2013

Things are to change: We do not do hard money any longer and boy am I glad! With the Dodd Frank bill having no chance for repeal, it appears their new purposed rule changes will be enforced. Most of these new rules affecting our industry revolve around Owner Occupied residential consumer loans. These changes will begin in January 2013!!! We only have one more month to close Owner Occupied Hard Money loans before the hard money world is turned upside down. Some of the changes that will greatly impact the “Hard money” space are listed below. -NO financing any lender or broker points within the loan! Yes, this means the borrower will have to pay the origination fees out of their savings or finance it on a credit card……..no joke! -NO Prepay protection will be allowed to the lender! This will eliminate Athas Capital’s ability to offer ZERO points for our residential product, a feature that has allowed the majority/total of points to go to the broker! -No Balloon payments will be allowed! This will likely force the vast majority of lenders to exit the O/O Hard money arena because they are use to short term commitments. Forcing these lenders into 30 year fully amortized loans goes against the Hard Money principal of a short-term hold! All Hard Money brokers that use private investor money will not be able to talk their investors into a 30 year loan. -All borrowers that do still want to get Hard Money/Alternative lending loans on their home will be FORCED to attend Consumer counseling set up by HUD. This will create another barrier to obtaining financing on their home! These pending changes will wildly affect the cost of capital to the consumer in a negative way. If you have a borrower considering alternative lending in order to get them into their dream home, or simply getting the capital they need… We are still Here for your Conforming, FHA, VA, USDA and Jumbo financing.

28 comments:

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