Conventional Financing just got more expensive!

By
Real Estate Broker/Owner with Apex California Realty

If you or your clients are financing with a Conventional loan things have changed!

It's called Risk Based Financing....those with not stellar credit scores or those with not a lot of skin in the game will be paying dearly.

Examples have shown that if you are putting less than 25% down on the home or your Fico's are less than 680 your fees will be higher....how much higher you ask?? Up to 2.75% Higher!!

So talk to your lender and see if there is another option for you on your financing....you may be better off with a FHA loan or doing something else if you can.

Make sure you don't let your loan lock expire if you are in escrow!! Especially if you will be subject to the new rates and fall under the new rules!

Talk with your lender today if you have any questions on the new rules or procedures outlined by Freddie and Fannie.

 

Regards,

 

Richard Goates

530-248-5627

01251781

Search the local Redding Ca MLS now!

Posted by

Richard Goates

e-PRO

Eco Broker

http://www.inforedding.com

01251781

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