Eric Meruelo's Blog

Mortgage and Lending - NMLS #201548
I Know many of you are hearing more of the USDA Loan Program, but some are still unsure of what are the Benefits and most importantly, the time it takes to close a loan. First , The Benefits of the USDA Loan: 1) 100% Financing, NO Down Payment Required 2) NO PMI, The Guaranteed Fee is financed in...
There have been so inquiries about Reverse Mortgages that we are now providing this Loan Program to customers who wish to obtain a Reverse Mortgage. This is a great program designated for the Senior Citizens that need this type of Program. Because this is such a specialized Program, it is essenti...
With so many Repos that are good deals for buyers, the question that is always asked, will the lender be able to finance the loan when there are Repairs needed and the Contract states SOLD AS IS ! The Answer is YES ! 1) If the customer and the property can qualify, then the USDA Program is  great...
New Upfront and Annual Mortgage Insurance Premiums (Loan Terms GREATER THAN 15 years) Effective as of July 14, 2008 Decision Credit Score (FICO)   850-680 679-640   639-600 599-560 559-500 499-300 NON-TRADITIONAL LTV Upfront/Monthly Upfront/Monthly Upfront/Monthly Upfront/Monthly Upfront/Monthly...
We just received word from one of the PMI companies that insures the Mortgage Insurance Premiums for ALL Banks and Mortgage Companies Nationwide. Companies such as MGIC, RMIC, Radian, just to name a few, underwrite the PMI files.    What we have heard is that as of June 9th, The Following Countie...
I just wanted to convey some key information on the New Changes of Loan Programs. It is so crucial that Loan Officers know their product lines. The calls I have been recieving from customers is that they have been told that the My Community Program is still available and can provide 100% financin...
I am sure all of you have heard about the PMI changes for FHA.Well it is now here and will go into effect as of July 14, 2008. Please keep in mind the FHA Program is still a very good option for those customers who are not able to qualify for the other Programs, they can fall back on the FHA Loan...
With the Rural Development being one of the Popular 100% Loan Programs now, I wanted to share just a few ket points that are vital that all Realtors and Customers must keep in Mind. Acreage limitation is no more than 5 acres For our Area, Springfield, Battlefield, Brookline and Nixa are not allow...
 The New FHA Loan Limits have increased for Missouri. For the surrounding Ozark Areas, the limits have increased to $271,000. The previous limit was $200,000.This will allow more Buyers the opportunity to qualify for an FHA Loan with the increased limits. With the changes in the Mortgage market, ...

Eric Meruelo

Vice President / Sr. Loan Officer
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