Thanks to Lewis Brooks of PrimeLending for the following information regarding new lending guidelines. If you need any further explaination or have questions, please don't hesitate to contact me!
*100% Loan-To-Value conventional loans with mortgage insurance (PMI) will no longer be available after 3/31/2008, on 4/1 the maximum will be 97%.
*Second liens for 80/20 type loans are available as of today, but only by one investor, I anticipate that these loans will be extinct by later this week.
FHA's loan limit in this area has been raised to $271,050. FHA require a 3% contribution, but this contribution can come for "gift Funds."
VA's loan limit is unchanged at $417,000 with up to 100% financing.
Thanks again Lewis!
3 months ago