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Mind Boggling Mortgage Industry
FHA loan limits increase Okay, since blogging is the happening thing these days I'll try to keep up with the times. I decided to start a blog about mortgages because every day it seems like there are changes. Instead of emailing which I never get around to doing, I thought if I just send the Realtors that I deal with the link to my blog, that this would be a helpful tool for them to keep up with what's happening in the industry. I have been in the real estate or mortgage industry since 1978 and this is the first time that I have ever seen so many changes so often. It really is mind boggling. A few weeks ago we got a memo saying that all 100% conventional loans had to have a 680 credit score. That was bad enough news but then last week we got the dreaded memo that PMI companies were no longer going to be doing 100% conventional loans,end of story. Two days later we get memo that says PMI companies are no longer going to be doing Stated Income,Stated Assets so that means that those customers will have to put 20% down payment. BUMMER!!! The ... more
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