New Home Mortgage : New York, New Orleans, Arizona, Florida & Texas

The takeover of Fannie and Freddie may make mortgage borrowing cheaper - but it won’t make getting a loan any easier. Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.

In the wake of the government’s takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above - and a 20% down payment - can qualify for such a low rate. During the boom, borrowers only needed scores of 640 to land the lowest rates available. Even a 580 score would get them very close to the best rate. Read the rest of this entry »

First National had a strong start to 2008, with solid increases in our key metrics,” said Stephen Smith, Chairman and President. First National Financial Income Fund owns a 19.97% interest in First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single family and multi-unit) and commercial mortgages. First National’s mortgages under administration were $34.6 billion at March 31, 2008, up 36% from $25.4 billion at March 31, 2007 and up 5% from $33.1 billion at December 31, 2007.