California and Arizona Home loans will be up to 95% LTV Soon!
Good news for California and Arizona home buyers! Starting February 22, 2010, mortgage insurance companies are easing up on their guidelines on conforming home loans! Homebuyers can put 5% down on conforming home loans again! It's about time! This is a good sign for the real estate market in California and Arizona. You can now buy a home without having the more restrictive FHA guidelines that usually scare home sellers from accepting an FHA loan offer.
There are a few restrictions to consider, here's the list:
- All buyers must have a 720 Fico score or higher
- Owner Occupied Only
- Single Family or Condos only
- Debt to Income ratios can not exceed 41% for all LTVs over 80%
This is a nice turn of events for both home buyers and home sellers in California and Arizona. It's good news for the rest of us in the business too! Now, if we can only get some more inventory in Sonoma County!