Jun. 2, 2008 - More mortgage news

Rules change June 6th

Matthew Zimmerman, C-21 Mortgage has shared the following information, affecting significant changes with Fannie Mae and the Mortgage Insurance (PMI) providers that become effective June 6^th, 2008.  

v     Fannie Mae has suspended/eliminated the need for an additional 5% down payment on properties located in areas the determined to be “declining markets”, therefore, conventional financing is now available up to a LTV of 97%. 

Matthew continues to say, "However, for every action, there is an opposite reaction, but in this case not necessarily an equal reaction": 

v     The Mortgage Insurance providers have updated their guidelines and have set a minimum credit score of 660, for any primary home purchase, and 680 for any 2-unit primary, second home or investment property purchase.

For "well qualified" buyers, Matthew says this is a positive.  It allows the buyer to purchase a home again without an 8% to 10% down payment.  For those buyers who have sub 660 credit, there is still an option of utilizing the FHA for their financing needs."

It is strongly suggested that buyers obtain a pre-approval letter based upon these new guidelines.  Matthew is available all this week, and next weekend as well, to offer free no obligation updated pre-approvals for qualified buyers. Need to know more? Call Matthew at 732-267-8527 and tell him Mike Adams sent you.

Jun. 4, 2008 - RE: More mortgage news

Jul. 5, 2008 - RE: Supply brand shoes,clothes and handbags