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Date: Apr. 12, 2008
Tags: None
Taken from The Florida-Times Union, March 21, 2008.
Mortgage Insurers have flagged more than 9,600 zip codes where they will not insure loans for investment properties, adjustable Rate and Interest only mortgages and buyers making down payments of less than 3%. A large part of Florida is flagged. In some areas:
*a borrower cannot receive more than 95% financing; some 90%.
*Loans for investmen properties, second homes and manufactured homes are not eligible.
*Interest-only, option-payment and 2- or 3-year adjustable are not eligible.
*Refinances that allow borrower to extract all equity are not eligible.
*Loan amounts greater than $650,000 are not eligible.
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