Where is 100% financing going?

Wow I have been reading so much lately on FHA and the Nehemiah program and it brings me back 154 blog posts - January 17, 2007 - my very first blog post here on Active Rain "My first blog! Nehemiah Program".

I think that it is very important now more than ever to be working with an "Experienced" mortgage professional in today's market with the daily changes going on that also can offer the FHA and VA loans.  I just got an email recently about the MI ( Mortgage Insurance ) companies are reducing the LTV's ( loan to values) if your home is in a declining market on the conventional loans.  There is a 5% reduction in ltv with a max ltv of 90%.  This does not affect the FHA and VA loans.  

So that means to the consumer that if you have an approval letter on a conventional loan with MI you might want to double check with your mortgage professional that it won't affect you.  If you are approved for 100% or 97% financing and the max ltv that the MI is willing to insure is 90% because it is in a decling market you should know now as to what options you may have. 

As for me I have been able to switch them to an FHA loan at 97% finacing and letting them aware of the Nehemiah program and that they can actually get 6% sellers concessions. 

As for Virginia Beach here are the declining market zip codes that I have gotton that may affect your approval letter if you are on a conventional loan.

-23479, 23471, 23468, 23467, 23466, 23465, 23464, 23463, 23462, 23461, 23460, 23459, 23458, 23457, 23456, 23455, 23454, 23453, 23452, 23451 & 23450

Again, make sure you are working with someone who will help you with all of the changes and try not to blame the mortgage professional for the changes.  You need someone who will help solve the problem and communicate with you to get the loan done. 

I would like to reference Jeff Belonger's recent blog - Nehemiah - Ameridream - The down payment programs lives on!   He seems to understand as well, how important knowledge is when working with a professional that will be able to offer all options to you!  It is still a great time to buy and refinance!

For any questions on FHA loans please contact me at 757-971-2876. 

Naoma Doriguzzi