Documentation waivers still exist...... - 12/13/08 02:34 PM
Just an FYI (especially for Minnesota), we still have the ability to issue (and are issuing) loan approvals based on income, asset and, on some refinances, even appraisal documentation waivers.....
I don't know of anyone else doing this....as a matter of fact, I was just referred a loan recently from a friend of mine at US Bank because they couldn't do a documentation waiver program-yes, I have the preliminary approval and the loan is locked!
The big difference is we don't have any chart like in the past that says "if this and this then it qualifies for that".  It is a waiver program that … (0 comments)

Lender list now up to 311 Lenders........ - 12/13/08 02:22 PM
12/12/08 Here's the updated list from Mortgage Implode (www.ml-implode).
Sad to think of all of the people that these lenders closings effects...... and what a ripple effect it has (title, appraisers, the paper guy, coffee guy, the restaurant next door, etc).
"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in … (0 comments)

Reminder: FHA Down Payment Changes 01/01/09 - 12/07/08 10:28 AM
Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....
Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not anymore.....now it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum). The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less.  Acceptable gift funds may still be used (relative, employer, etc.....just not … (1 comments)

 
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Michael Schindler

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