Citi Mortgage 80/20 loans

So, it seems the screw tightened a little more last week! If you want a full doc 80/20 loan and have a 720 or higher credit score, then your 2nd mortgage rate will be AT LEAST 10.5%!! HELOCS are not allowed. If your credit score is less than 720, you will only get a mortgage for 95% Loan to Value (LTV).

The Feds lowered interest rates last week - whoopeee! I am still trying to decide if that has actually helped us???  The rate could be 0%, but if the criteria  keeps  getting tougher, no-one will qualify. Imagine next month, "Please Mr mortgage man, I have an 849 credit score and $90,000 to put down on my $95,000 purchase and an income of $75,000 per year and no other debt - would you pleeeeeeeease give me a loan."

Sorry for the sarcasm, but this is getting really scary right now! I know it will settle down and when the dust clears things will get better.

If you have money to put down and want to get into investment properties in the Des Moines Area, please contact me - I will soon have a ton of contract buyers for you! :)

 
This post has been included in Iowa Information

1 Comments on Citi Mortgage 80/20 loans

I feel your pain Nigel. I can't even count the number of people I've had to turn down in the last three weeks for financing.

Sean Allen
The Mortgage Professionals
Professional Credit Consulting & Repair
www.TheMortgageProfessionals.biz

08/28/2007 08:51 PM by International Financing Solutions


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Nigel Chapman (RE/MAX Real Estate Concepts)
Nigel Chapman
West Des Moines, IA
More about me…
RE/MAX Real Estate Concepts

Office Phone: (515) 321-8094
Cell Phone: (515) 321-8094
Email Me
This is all about Des Moines Metro Real Estate. Comments can be posted about the state of the market and other real estate related items.

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find IA real estate agents and West Des Moines real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved