Vacation Homes With as little as 10% down: PMI Companies finally relax guidelines

Finally, some good news in the form of relaxed guidelines.

This is some great news. PMI Companies have caused many of the guideline changes we have experienced over the past few years since they were not willing go offer PMI on anything that had risk at all.

Just a few weeks ago we got news that we can do 10% down second homes. Here are the requirements:

• 720 Minimum credit score
• $417,000 Max Mortgage

Even if you don't dabble much in the Vacation Home market, this is a great sign. This news came from one of the more conservative PMI Companies. The fact that they are willing to insure vacation homes shows that they have a renewed confidence in the Real Estate Market. This confidence must mean that they see a stable improving market or they would not add any risk to their portfolios

Have a great week!

Rob

Robert Rauf

Mortgage Banker

www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Since 1987 I have been helping my clients fulfill their dream of home ownership!

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