There has been a lot of talk about the mortgage industry; where it's been, where is it going?  At Pinnacle Lending Group we have strived to stay in touch with our every changing market.  Using Pinnacle Lending Group as your trusted mortgage partner, you can be assured that you have not only educated professionals helping you from start to finish, you also will be kept up to date on the most recent mortgage information.  Here is a list of some of the most major changes.

FHA Down Payment:  There are no more down payment assitance programs.  A borrower must have, as of January 1, 2009, 3.5% of their own funds into a purchase transaction.  The seller can no longer contribute all the funds necessary for down payment and closing costs.  HOWEVER, the 3.5% funds may be gifted from a family member.

House Flipping:  Now is the time to grab on to those great deals in the housing market.  Keep in mind, you may purchase a home at a great price, you may line up a buyer in a short amount of time to "flip" that home - That is the goal, afterall.  BUT.... lenders will view the value of the home at the purchase price unless you retain at least 91 days.

Mortgage rates and hits:  Mortgage rates loomed last week at a five year low - for a few hours.  It is important to work with a trusted mortgage partner who is commited to watching the rates and the industry to give you the best advice possible.  Will rates reach 3.0%? - I don't think so... this could be our prime lending rate - much different than a mortgage rate. Many factors govern our mortgage rates (which change somtimes on an hourly basis) Watch the 10 year treasury bond market price...........  if it goes up, mortgage rates go down....  if it goes down, mortgage rates go up.  You can view how it is doing at http://finance.yahoo.com/  In addition, now your credit score, loan to value, and purpose can effect your mortgage rate. 

Licensing:  All mortgage brokers (not loan officers working for a depository) must be licensed in 2009.  In order to become licensed there is a three step process:  testing, fingerprinting, and federal background check.  I am happy to tell you that Pinnacle Lending Group passed their individuals exams!! (the first time!! many other area brokers had to retake the test!).

Pinnacle Lending Group expands:  In today's mortgage environment, it says a lot about a company who can expand its services.  Pinnacle Lending Group expanded its services to include private money lendingas well as great investment opportunities (losing your shirt in your IRA or 401K?  CALL TODAY!)

Pinnacle Lending Group started a commercial loan department to serve the requests we were getting from our residential customers. Over the years, we have learned the nuances of the Commercial lending arena and now have the team in place to provide the great rates and flexibility of a broker with the underwriting knowledge of direct lenders.

There's a little bit in a nut shell........  Please email with any questions you may have in relationship to the mortgage industry.  I am more than happy to share our combined 50+ years of experience to answer your questions!