Lending Options

NEW -> Contingent Buyer Assistance Program
caycifish said:
Add one more thanks to the vets and those currently serving.

Go Navy!

says caycifish, who is right this minute supporting the military by writing software on a Navy base in a skirt and 5" stilettos.
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Right on --- Navy here.
 
graphrix said:
caycifish said:
Add one more thanks to the vets and those currently serving.

Go Navy!

says caycifish, who is right this minute supporting the military by writing software on a Navy base in a skirt and 5" stilettos.
Click to expand...

WANT .jpg!
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Friggin' goofball. Making up for a lack of Effenheimer around here?
 
No more "jumbo" PMI for CA, 720 FICO for conforming PMI

20% down is now the minimum, I bet, for 'the good part' of CA



How will this affect the market in Irvine for houses?

(from CR)

Genworth sent out a notice of tighter guidelines for mortgage insurance today effective Monday February 2nd. Some of the changes are pretty significant.

As an example, loans over $417K in California are ineligible for MI. Period. The same with attached housing in Florida - ineligible.

Here are some of the rules:

Underwriting Guideline Changes – Effective February 2, 2009

• Minimum Credit Score = 680

• Maximum Debt to Income (DTI) = 41% regardless of AUS or Submission Channel

• High Cost Loans (> $417,000) Minimum Credit Score = 740

o Loan amounts > $417,000 in CA – Ineligible

• Cash Out Refinance – Ineligible

• Second Homes – Ineligible

• Manufactured Homes – Ineligible

• Construction to Permanent – Ineligible

Declining/Distressed Markets Changes – Effective February 2, 2009

• Minimum Credit Score = 700

o AZ, CA, FL, NV = 720 (as per existing guidelines)
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Does anyone know if family members are eligible for these loans. My brother was in the Army Reserves for 6-8 years. Anyone have a website link I could check out.
 
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