Scotsman Guide - December 2008 Residential Edition

1st Mortgages

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post your loan search matrixes scotsmanguide.com

This matrix should be used to find detailed program criteria for 1st mortgages only. Please consult the Prime Niches matrix for general program/product information or unusual property/loan characteristics.

Note: 2008 FNMA/FHLMC loan limits: 1 unit = $417,000; 2 = $533,850; 3 = $645,300; 4 = $801,950 (AK, Guam, HI & U.S. Virgin Islands = 50% higher)

For certain counties, temporary conforming-loan limits are effective through Dec. 31, 2008. Details: ofheo.gov

DOCUMENTATION _MtgPRODUCT OPTIONS
^I=Income^LatesInterest Only 40/30 ARM
^E=Employment^{Occ Purp}#30s Fixed, 40-yr w/Min
^{A=Assets 45=4506}O P ^DTIinthe ^CLTVIO ARM,Amort Pmt/
^{V=Verified S=Stated}VR# Ratio Last to Period Both 30-yr Neg
Type I E A 45 N C Units FICO %/$K %/$K %/$K FICO %/$K %/$K #Mo #YrsF/A/BTerm Am
All parameters on each line are used in combination with one another - each line represents a specific loan scenario or credit grade
Full V V V Y O PR 1-2 680 95/650 80/1000 75/1500 680 70/2000 45 0/12 95 5 B N N

Full V V V Y O PR 1-2 660 90/650 75/1000 65/1500 45 0/12 90 5 B N N

SIVA S V V Y O PR 1-2 680 80/500 75/650 70/1000 720 80/650 75/1000 45 0/12 80 5 B N N

LTV / LOAN AMOUN T
Combinations tied to different scores

Program Name

Comments

Jumbo A

MortgageClose.com Inc. continued

Jumbo A

Oaktree Funding Corp.

AZ CA CO FL ID IN KY MO MS MT NM NV OK OR SD TX UT

ConvAcc Full V V V Y O P 1 620

ConvAcc Full V V V Y O P 1 680

Conventional Full V V V Y OVN PRC 1-4 620

FHA Full V V V Y O PRC 1-4 620

USDARural Full V V V Y O P 1 620

Jumbo Full V V V Y O PRC 1 620

Flex97 Full V V V Y O P 1-4 680

Manufactured Full V V V Y OV PRC 1 620

Access program will allow CLTVs up to 103% -- call for details.

90/417

95/417

90/417

97/363

100/417

70/1000

97/417

95/417

680 95/417

95/363

50

53

660 90/500

40

45

50

95 NA F

103 NA F

95 NA B

105 NA F

102 NA B

NA B

NA F

N

909-225-7777 www.oaktreefunding.com

N Call for details

Pacific Union Financial

925-286-1714

Stated SIVA S V V Y ON PRC 1 700

Stated SISA S V S Y ON R 1 700

Agency Full V V V Y OVN PRC 1-4 620

FHA Full V V V Y O PRC 1-4 620

Stated conforming loans up to 90%, conforming/jumbo agency loans, FHA

80/417

90/417

97/362

AZ CA CO FL HI ID IL IN MD MO MT NV OK OR SC SD TX UT

720 90/417 N

660 90/729 N

620 97/729 N

50 0/24 90 NA F

45 0/12 90 10 B

43 1/12 97 NA B

N

Y

N

Call for details

580 Min FICO up to $362K

LEGEND: P=Purchase; R=Rate and Term Refi; C=Cash-Out Refi; O=Owner Occupied; V=Vacation Home; N=Non Owner Occupied; NINA=No Income, No Asset; SISA=Stated Income, Stated Asset; SIVA=Stated Income, Verified Asset

Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production cycle and dynamic nature of the industry, loan product terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.

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New Orleans

What We Said

“[New Orleans’] demographics, for one, have shifted. The median income has increased, as poorer residents have not returned. The median age also is up, as families with school-age children and college students have not returned. The area’s housing market is facing a change, as well.”

— August 2006

St. Tammany, where home values slipped 4.1 percent between July ’07 and this past July. Meanwhile, Orleans Parish — aka, the city itself — continues to see a boost, with August’s median single-family sales price of $159,500 outpacing the $108,000 of August ’07 but still falling well below the U.S. median of $203,100 for the month.

— Tony Stasiek

Photo: New Orleans CVB

What Happened

Population in MSA, July 2007: 1.03 million
^■Population in July 2005: 1.32 million
^■Percent change: - 21. 7 percent
Public- and private-school-enrollment in
metropolitan statistical area, 2007-’08 school
year: 189,369
^■Enrollment in 2004-’05 school year: 249,049
^■Percent change: - 24 percent

Year No. 3 of New Orleans’ post-Hurricane Katrina reconstruction yields many of the

same conclusions as year No. 1: Although the city is rebuilding, it’s with an older populace — including fewer families with school-age children.

In addition to public- and private-school enrollment growing at a lesser pace than the area’s population overall, enrollment at the city’s universities was 74 percent of its pre-hurricane level in fall 2007, according to the Brookings Institution. For brokers, this loosely translates into a depleted first-time-homebuyer market and a “transitional” employment base, at best, moving forward.

Residents’ ongoing migration to traditionally safe regions — four of the area’s least-flood-prone districts now hold 52 percent of the population, up from 39 percent in 2000, according to the city’s planning department — have led to potential overvaluation in northern parishes such as