Attention all buyers, sellers and agents in the greater Lodi, Galt and Stockton communities.
100% financing is no longer available on conventional loans. Loan to value can't exceed 92%. 8% is the new minimum requirement. Investment properties are requiring 20% down, in a declining market. Buyers, if you are involved in a transaction that doesn't meet these requirements, contact your lender ASAP. Sellers, review financing terms of you contract. Agents, if you have any escrows exceeding the 92% LTV, contact the lender and make sure your clients will not be affected.
Good news from FHA. FHA is still at 3% and has not been impacted by this change.
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