Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 5 · column 2 of 7 · from the scan, no model involved
Real Estate
IOv»l ooukua
Eileen M. Day REALTOR””0.
DON’T GIVE UP
Perhaps you were turned down by a bank when you applied for a mortgage because your income was too low for the size of the loan you desired. Don't give up. there’s still hofxt.
Today, banks sell more than half of their mortgages on the secondary market made up of companies such as: Ginnie Mae. Fannie Mae and Freddie Mac. They pool mortgages, change them to securities and sell the sux'ks to investors. These secondary buyers have strict income guidelines which may state, for example, that the total monthly payments may not exceed 25 to 30% of gross income. That’s the bad news.
The good news is that loans NOT sold by banks into the sec ondary market are retained by them for their own investment. These banks have much more flexibility to establish their own in come guidelines which may not be as strict.
Being turned down by one bank is not the end. Another bank may be more receptive to your loan request. If you call our office, we should be able to give you more specific advice and op tions.
If there is anything we can do to help you in the field of real es tate please stop in at EILEEN M. DAY. Realtor. The Clopton House. Washington. Va. 22747. Phone 675 3033. Were here to help.
59.7%