Lending Updates!
03/27/2008 – 3:12 pmMortgage insurance companies will no longer insure loans over 97%. Also in order to get 97% financing you will need 680 Fico score, and qualify with income and assets.
On the positive note the 3% down payment can come as a gift from a family member.
Another change that happened this week is stated income and assets loans are being discontinued. The old guidelines allowed a borrower to go to 95% financing with 700 Fico Score or to 90% with 680 score. Starting this week the only way for a borrower to go with out income verification is by having reserves and putting down at least 10%.