California and Arizona Home loans will be up to 95% LTV Soon!
From Anthony Ebright, loan officer in Santa Rosa, California, comes this piece of good news for home buyers. It's oten tough in our high-cost area for buyers to have more than 5% down payment saved; now there's an option to restrictive FHA financing.
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!
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Anthony Ebright is a Sales Manager, Home Mortgage Consultant and a FHA and VA Home Loan Officer in Santa Rosa, California. You can reach Anthony Ebright at 707-548-0752 if you need help refinancing or purchasing your home in Sonoma County, Santa Rosa, Healdsburg, Petaluma, Rohnert Park, Sebastopol, Bodega Bay, Windsor, Cloverdale, Guerneville, Sonoma, or any of the neighboring metropolitan areas. Website: www.anthonyebright.com.Copyright 2009. © Anthony Ebright. All rights Reserved. View Larger Map
Anthony Ebright is a Sales Manager and Home Mortgage Consultant for Wells Fargo Home Mortgage in Santa Rosa, California. His opinions and statements are his own. Wells Fargo does not endorse any comments made by its employees on this blog. All statements and viewpoints expressed in the comments are strictly those of the commenter alone, and do not constitute an official position of Wells Fargo. Wells Fargo does not validate any assertions or forward-looking statements in the comments.
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