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Condo financing - Stated loans - 680 Fico reqd for PMI

Condo financing continues to be a real problem. It is critical that projects be properly positioned and rolled out to ensure availability of buyer financing. I recommend you make sure you pre-qualify any listing/purchase of a condo right away to make sure buyer financing is available! See presentation. /// Rates are trending up. Current recommendation: Lock. - Paul

Minimum Fico and PMI
Lenders are tightening up. The minimum Fico for FHA is now 620. FHA also increased insurance premiums, minimum down payment requirement, and the pricing is now higher as well. It is still better than Fannie/Freddie though. Now a word about PMI. Most PMI companies will no longer insure loans originated by mortgage brokers. (Prospect is a direct lender, so no problems here). Second thing to know is that minimum Fico for PMI is now 680! Early prequals and 75-day credit make-overs to increase credit scores now more important than ever!
 
Lenders chase short sale sellers
An increasing number of lenders are going after borrowers who sell their homes for less than they owe – known as a short sale – in order to recover more of the difference between the amount owed and the sale price. Read more  (For loan mod and short sale service go here - P)
  
Stated income loans
Just a reminder that stated income loans are back. Up to 80%LTV. Higher Fico required. Investment and owner occupied properties.
 
Rates up on positive economic news
For the week ending May 7th the 30-year fixed averaged 4.74% with an average 0.7% fee, up from last week when it averaged 4.78%. This time last year it averaged 6.05%. Freddie Mac rate surveys.
 
The top 10 US towns for living well 
Forbes magazine and ZoomProspector.com identified the best small cities in the United States based on factors such as natural beauty and average income. Read more

 

 
Contact me for further information or assistance. 
 
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"Winning is not everything, but wanting to win is"
Vince Lombardi (1913-1970)
Posted Sunday May 10