New loan stuff

LOAN PROGRAM UPDATE

There have been many changes to loan programs recently, so here is a quick overview to keep you informed. Please call me anytime to learn more!

As of 2/20/09 all FHA must have mid credit scores of 620 or better. This is an industry wide change, not lender specific.

So far we have not heard that CHFA is going with this new change.

FNMA is again allowing up to 10 mortgages instead of limiting to 4. There are lots of restrictions tied to this change----call for details.

CHFA UpdateYea!! CHFA is back in business. Loan program is called Home Opener. Not required to be a first time buyer, assistance is 3%. The assistance money is now a true 2nd with a monthly payment.

Call me for details. HUD $100 down. New loan must be FHA. These loans are a Manual Underwrite. All FHA Manual Underwite loans have qualifying ratio restrictions of 31/43. HUDS with a Repair Escrow also require the loan to be a Manual Underwrite and have the ratio restrictions. I do a fair amount of HUDS, so if you want to work with sombody who has experience with HUD properties give me a call.