These changes show a greater ability to attain PMI. They won't hurt any of us, only help.
If an application is received on or after Dec. 1, 2010:
then the maximum DTI is 45% if the credit score is 740 or greater. The rate-term must be a fixed-rate product or a 5-year-or-greater ARM.
"Subject to completion" appraisals where the improvements are at least 90% complete may be submitted.
Property flipping:MGIC will now consider properties acquired by a seller fewer than 90 days before a purchase contract.
If an application is received on or after Jan. 1, 2011: The maximum DTI is 41%. on rate-term ARMS less than 5 years.
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