While I know I did post this last week, as you prepare for this weekend, consumers and real estate agents alike need to remember that the clock is ticking...... Time IS running out. If you need 100% financing or your credit scores are below 575 you need to buy/lock/submit to underwriting NOW.Investors are jammed! We only have about 10 business days left. So don't be left out and lets get'r done.
Mortgage Guaranty Insurance Corporation (MGIC), one of the nations top provider of mortgage insurance announces major policy changes.
Effective March 3, 2008 MGIC is revamping credit score guidelines that will have MAJOR implications with new and refinanced mortgages.
Current guidelines allow mortgage insurance (PMI) for consumers with a minimum LOW credit score
Along with a rise in scores the maximum loan-to-value (LTV) will be capped at 95% leaving thousands of potential homeowners unable to obtain 100% financing that has been available in the past. LTV's over 95% will now require a low credit score of 680.
Now more than ever it is important to get your contracts written and applications submitted. I will be available weekends and night to help you process.
Tony Grego - Indiana Mortgage Broker
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