This comes from Robert Rauf--Mortgage Banker in New Jersey. Check out his blog for a ton of mortgage information! Or his website
Great news for the second home market in Truckee/Tahoe/Napa!
Via
Robert Rauf (REMN The Real Estate Mortgage Network):
Finally, some good news in the form of relaxed guidelines.
This is some great news. PMI Companies have caused many of the guideline changes we have experienced over the past few years since they were not willing go offer PMI on anything that had risk at all.
Just a few weeks ago we got news that we can do 10% down second homes. Here are the requirements:
- 720 Minimum credit score
- $417,000 Max Mortgage
Even if you don't dabble much in the Vacation Home market, this is a great sign. This news came from one of the more conservative PMI Companies. The fact that they are willing to insure vacation homes shows that they have a renewed confidence in the Real Estate Market. This confidence must mean that they see a stable improving market or they would not add any risk to their portfolios
Have a great week!
Rob
Robert Rauf
Mortgage Banker
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
Real Estate Mortgage Network
NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey
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Tamara,
It is good news. Robert knows his stuff.
Mike in Tucson