For realtors that need a 90% LTV Stated Income/Stated Asset or Stated Income/Verified Asset Loans, their is only one Mortgage Insurance company left that will issue a MI Certificate.  That company is MGIC.  That being said, they will only write it if the borrower is Self Employed, owns the business/brokerage and if the property is not in a declining market.  I ran into this in late April. UG cancelled theirs effective May 1.  If anyone you know has a deal in the works and its a SISA or SIVA, be sure your Loan Officer knows the new rules.

 

 
Posted by Molly Lionberger on 05/03/2008 04:27 PM   Comments (3)   stated income  

3 Comments on Mortgage Insurance changes will begin to affect Realtors

MAY
03
2008
 The gates are slowly closing. Lenders are still trying to limit Risk.
4:33pm • #1
103,849 Points 1 Featured Post Localism Sponsor

Molly:

Thanks for the heads up. I have a buyer that is facing this challenge.
4:37pm • #2
Localism Sponsor
Lorraine - have your Loan Officer try Crescent Mortgage.  Rates are nose bleed, but they can get it done.
4:41pm • #3

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Molly Lionberger

Easton, MD

More about me…

Prosperity Mortgage

Address: 1315 Mt. Hermon Road, Salisbury, MD, 21804

Office Phone: (443) 523-5599

Cell Phone: (443) 523-5599

Email Me

The purpose of my blog is to provide mortgage industry information that will help homebuyers obtain the best financing for their individual needs and to help realtors close more deals. Knowledge is power. With the changing of the rules within the mortgage industry, it is more important than ever for realtors to know basic credit guideline rules.


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