Decoding the New Mortgage Market: Insider Secrets for Getting the Best Loan Without Getting Ripped Off »

DAVID REED (Austin, TX) is the author of many books including Mortgages 101 and Mortgage Confidential. As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and Mortgage Originator magazine.

You don't have to join the crowd and give up on the dream of home ownership. With purchase prices staying remarkably low, it's a great time to buy a house. Yet thanks to the recent financial crisis and lingering credit crunch, it's much tougher to find and qualify for a manageable mortgage loan.

Decoding the New Mortgage Market is an invaluable insider's guide to finding the best and most realistic mortgage deals while avoiding the minefields. A respected industry expert and a veteran loan officer, David Reed tells you everything you need to know to make your dream a reality, without risking default or foreclosure. Inside, you'll learn the latest, critical information about:

Underwriting changes that affect Fannie, Freddie, and everyone shopping for a "conventional" loan

New rules that make it easier to qualify for FHA and VA loans...and the "new" government zero-down: USDA loans

New regulations and loan disclosure requirements for mortgage lenders and mortgages that actually work in the borrower's favor

Choosing the best loan officer and comparing available options to find the right mortgage program

Finding down-payment money through nontraditional sources, including nonprofit agencies, bond programs, and equity transfers

Overcoming credit issues, including bankruptcy

New opportunities for saving big on closing costs and other fees

Chapter 1 What Happened, and How Did We Get Here? 1

Chapter 2 Fannie Mae and Freddie Mac: Underwriting Changes That Affect Every Potential Homeowner 16

Chapter 3 Government-Backed Loans: VA, FHA, and USDA 46

Chapter 4 Qualifying the New Way: Understanding Automated Underwriting Systems 74

Chapter 5 Banks, Mortgage Banks, and Mortgage Brokers in the New Mortgage Market 102

Chapter 6 Loan Programs: Which Is Right for You? 134

Chapter 7 Funds for Closing: Down Payments and Closing Costs 161

Chapter 8 What to Do When Things Go Wrong 195

Appendix: Monthly Payment Schedules 212

Glossary 218

Index 245