Monday, March 17, 2008

New Lending Guidelines

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!

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