!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!

NO PICTURES, NO GRAPHICS, NO WITTY QUOTES, JUST AN URGENT CALL TO ACTION................................

 

OK, I really need am trying to make a point. You know we have been talking for a couple weeks taking place with PMI in March. The telephone call just came in. Investors are jumping the gun and have issued Monday as the cutoff for deal submissions. While I have heard from just one this is always the tip of the iceberg. Here are the Freddie Mac details with new fees and LTV ratio limits:

• FREDDIE MAC ANNOUNCED THIS WEEK THAT IT'S EXPANDING ITS USE OF RISK-BASED PRICING AND INCREASING FEES
  
• UNLESS YOU ARE AT LEAST A 700 MID CREDIT SCORE YOU WILL NOT QUALIFY FOR A LOAN-TO-VALUE OVER 97%
  
• IF YOUR MID-SCORE IS BELOW A 740 ON OR AFTER JUNE 1ST, A NEW DELIVERY FEE OF 30 BASIS POINTS WILL BE ADDED IF YOUR LOAN-TO-VALUE IS OVER 80%
  
• "ALT 97" MORTGAGES WITH "AFFORADABLE SECONDS." ARE NO LONGER AN ACCEPTABLE SOURCE OF BORROWER FUNDS
  
• NEW RULES WILL REQUIRE HIGHER DOWN PAYMENTS IF YOUR MARKET IS IDENTIFIED AS "DECLINING MARKET."
  
• FIRST-TIME HOME BUYERS APLYING FOR A LOAN THROUGH FREDDIE MAC'S "HOME POSSIBLE" PROGRAM WILL BE REQUIRED TO TAKE HOMEOWNER EDUCATION CLASSES, ALL HOME POSSIBLE MORTGAGES WITH A LTV OR TOTAL LOAN-TO-VALUE (TLTV) RATIO GREATER THAN 97 PERCENT MUST HAVE AN INDICATOR SCORE OF 700 OR BETTER.
  
• PMI GROUP INC. HAS ANNOUNCED THAT AS OF MARCH 1, IT WILL STOP ISURING "ABOVE 97" LOANS IN WHICH BORROWERS MAKDE DOWN PAYMNETS OF LESS THAN 3 PERCENT AND COMPETITOR MGIC INVESTMENT CORP. IS DISCONTINUING COVERAGE OF LOANS WITH DOWN PAYMENTS OF LESS THAN 5 PERCENT IN 30 MARKETS WHERE PRICES ARE FALLING.
  
• MORTGAGE INSURANCE WILL BE ELIMINATED FOR ALL EXPANDED APPROVAL LEVELS OVER 80%
  

We as real estate agents and mortgage brokers must react now! This is our call to action. The simple facts are by this time next week, thousands of potential homebuyers WILL NOT QUALIFY! This applies to marginal, good, and great credit.

If your in Indiana and need help. Call or email me. I have cleared my schedule in efforts to help. We are going to run out of time before we run out of people we need to help.

 

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Happy Selling!
Tony Grego - Indiana Mortgage Broker

 

 

Quote of the Day:
At the working man's house hunger looks in but dares not enter.
--Benjamin Franklin