Yes, rates did go down today.  But, I like to cover things other than the usually chatter.

 

Guidelines are stricter on the new High-Balance Loan Amounts. Credit scoring and history will be looked at with a fine-tooth comb and very few lenders will be making exceptions on guidelines. FICO score minimums range from 660 to 700 depending on what type of loan program it is.

 

 

A few tidbits:

 

·        Maximum debt to income ratio is 45%- no exceptions

·        Must have 24 months of credit history

·        No late payments on a mortgage in the last 12 months

·        No bankruptcies or foreclosures in last four years

·        No collections or charge-offs in last 12 months

 

A few more.....Max loan amounts are 90% loan to value on a purchase and 75% LTV on a cash out refi.  Very few lenders will allow seconds.

 

PS: Rates are looking good......if you can qualify for a mortgage!

 

 

Dale Siegel

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