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 Our applications continue to pick up during the spring buying season. We have a 10% increase in applications from previous year to date. Prices here in the northeast have seemed to have bottomed out and some are actually increasing. Interest rates continue to climb slightly however. Mortgage lenders continue to tighten lending parameters. Most have done away with stated income programs. We have one lender that still has a bank statement program, but the rate is 1-2 pts higher than a full documentation loan.

 Prospective buyers should be prepared to put down at least 10% of the purchase price and be able to prove their income. They need also to check their credit score before venturing out to see properties. Give us a call at (516)292-1913 to have a complimentary credit check done. We can advise you what needs to be cleaned or tightened up. As usual, check out our website, www.empirehomemortgageinc.com to get answers to any of your questions.