Updated Mortgage Underwriting Requirements - A MUST READ!

This one sort of falls under the "gotcha" column, but in the midst of all the mayham going on right now, I thought it might be a bit of a comic relief.

Happy Reading!

Very Important- Guideline Changes Effective August 13, 2007


*     All borrowers must have one blue eye and one brown eye to qualify.

*     LTV > 65% SIVA requires minimum credit score of 849.

*     For all LTV > 65%, 360 months of payment reserves are now required.

*     Borrower's must have no previous bankruptcies in their family history going back three generations.

*     A minimum of 25 years self-employment history (at same location) now required for all NIV Programs.

*     Minimum credit score for Subprime Loans raised to 720.

*     All non-arm's length transaction borrowers (mortgage, real estate professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and a minimum of 12 hours of interrogation by the Department of Homeland Security.

   

Please note that these changes will go into effect within the next five minutes. So please lock your existing loans immediately. All existing loans in your pipeline must fund by noon tomorrow, sorry no exceptions.

We apologize for the inconvenience. We realize these are tough times in the mortgage industry for all of us. We ask for your continued understanding and cooperation.

Greg Polashock is a Real Estate Home Mortgage Loan Consultant and Certified Mortgage Planning Specialist with Cherry Creek Mortgage and resides in Castle Rock, Colorado.  He can be reached via email at Greg@GregIsFinancingSolutions.com, by phone at 303-887-0672 or on the web at http://www.gregisfinancingsolutions.com/.

And on a very rare occasion, he displays a sense of humor!   ;-)

A special thanks to my friend Sheila, at Countrywide, for providing this moment of levity.