Lending Options

[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.
 
[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?
 
<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.
 
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>
 
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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