Lending Options

[kcmkane_IHB]

[quote author="caycifish" date=1218780864]Add one more thanks to the vets and those currently serving.



Go Navy!



<em>says caycifish, who is right this minute supporting the military by writing software on a Navy base in a skirt and 5" stilettos.</em></blockquote>


Right on --- Navy here.

 

[caycifish_IHB]

[quote author="graphrix" date=1218785119][quote author="caycifish" date=1218780864]Add one more thanks to the vets and those currently serving.



Go Navy!



<em>says caycifish, who is right this minute supporting the military by writing software on a Navy base in a skirt and 5" stilettos.</em></blockquote>


WANT .jpg!</blockquote>


Friggin' goofball. Making up for a lack of Effenheimer around here?

 

[CalGal_IHB]

<blockquote>Friggin? goofball. Making up for a lack of Effenheimer around here? </blockquote>
Where is Eff lately? I'm starting to think he changed his name again and is now the infamous Ten.

 

[freedomCM_IHB]

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



<strong>

How will this affect the market in Irvine for houses?</strong>



(from CR)



<blockquote>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)</blockquote>

 

[Future Buyer_IHB]

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.