Mortgage Updates

Fannie Mae, Freddie Mac, the mortgage insurance companies and the investors are coming to a consensus that folks looking to buy homes must have money into the transaction AND great credit.

-- That is of course UNLESS you are a First Time Home Buyer.  The first time home buyer still has a special status.

Starting mid November mortgage insurance companies are tightening the qualifying criteria especially in the hard hit states of CA,AZ,FL, and NV.  In these states you will likely find that your purchase loan to value is restricted to 90% and your credit scores have to be 720 or better.

There is some good news for those buyers looking for a minimal down payment of 5% and 95% loan to value.  Some lenders due to the low default rate of their loan high LTV portfolio's have written exceptions to these policies with a preferred mortgage insurance provider. 

The GREAT news is that my company qualifies to deliver that option!  We can provide mortgage insurance to qualified buyers with as little as 5% down on a conventional home loan.  Debt to income ratio's need to meet the current industry standards of no higher than 55%. (New standards, for standard guidelines limit ratio's to 45%.)  Credit scores need to be no less than 660 compared to 720 - that really helps buyers providing opportunities for more purchasers.

Call today or complete our FREE on line application.  We are here to help.