Once again more mortgage program changes are coming down the pipe. We have already seen the elimination of stated income loans, 100% loans, and many others. (except for a few instances) Now the guidelines for 97% loans are tightening! One prominent lender has done away with this program completely and only offers 95%. Others have changed the credit score requirements to 680 instead of 620. So anyone with a score less than 680 must put 5% down in order to buy a home. For example, Wells Fargo is putting the change into effect 5/23. Chase has made the change. Countrywide had already made this change some time ago. So it is pretty safe to assume all the others will follow suit in the near future. It will just be a matter of time. However, it hasn't happended with all lenders yet. This means that if you are in the process of putting a contract on a home, there is a chance we can lock you in to preserve the 3% down payment.
As always PMG will keep you up to speed on any new changes as they come down!
Brought to you by:
Professional Mortgage Group, Inc.
Tuesday, May 20, 2008
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