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Credit Requirements For MI with MGIC Will Tighten!! This Could Be CRUCIAL!!
I recieved this letter from MGIC and they are one of the largest MI companies. It will only be a matter of time before the other MI companies follow suit. This will now require stricter guidelines for approvals. 
 
 
Mortgage Guaranty Insurance Corporation February 6, 2008 Dear Valued Customer:As a result of our ongoing evaluation of market conditions and loan performance, we are making a number of changes to our base underwriting guidelines and have created a new set of guidelines for areas exhibiting market weaknesses. The following underwriting guideline changes are effective for mortgage insurance applications received by MGIC on or after March 3, 2008: Standard (A) guideline changes:LTVs greater than 95% require a minimum credit score of 680. LTVs 95% or less require a minimum credit score of 620. Loans with nontraditional credit require a manual MGIC underwrite and are limited to a maximum LTV of 95%. Primary residence cash-out refinances require a minimum credit score of 680; and the maximum LTV is 90%. Cash-out refinances of investment property loans are ineligible. Loans with potential negative amortization, including Pay Option ARMs, are ineligible. Expanded Criteria (A-) guideline changes:The maximum LTV is 95%. The minimum credit score is 660. Primary residence ... more

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