With FHA over-loading the purchase market only adds stress to the program. FHA had 3 major adjustments in the last 36 months to help sustain the government program. In some instances monthly Mortgage Insurance (MI) has more than doubled. That doesn't help the buyer qualify and it also lessons their monthly cash flow to put back into the economy to move this country in the road to recovery.
WHAT DOES THIS MEAN
**No FHA spot approvals on condominium
**Expands rates to a minimum 620 FICO Credit rating
** Alternative to FHA
Radian (Insurance company) is implementing changes to our guidelines and rates that will be applicable for all MI applications received on or after July 11, 2011. More details on these changes are outlined below.
Guideline Changes
Following are only highlights of changes to our guidelines. We encourage you to review our complete updated underwriting guidelines, which are now available on our website. http://www.radian.biz
One Underwrite
Radian is pleased to introduce our new One Underwrite program, which further aligns MI eligibility with Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Prospector (LP) approval recommendations and eliminates the concept of a double underwrite for MI eligibility.
With this program customers can qualify loans for Radian MI with an Approve/Eligible or Accept/Eligible AUS recommendation from DU or LP, plus the following five underwriting overlays:
• A minimum FICO score of 620.
• A minimum 3% contribution from the borrower's own funds.
• Investment properties are not eligible.
• 3 - 4 units are not eligible.
• Attached condominiums and cooperatives in Clark County, Nevada and Miami-Dade and Broward County, Florida are not eligible.
In addition, One Underwrite will:
• Be available for Fannie Mae Homestyle Renovation loans, allowing activation of the commitment prior to completion.
• Eliminate Radian's condominium project overlays and subordinate financing restrictions.
• Allow for reduced appraisal documentation.
Please note that One Underwrite will not be available for HARP loans (DU Refi Plus and LP Open Access).
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My goal is to work together as a team and make the loan process easier, let's work together; we have the ability to lend in 45 States.
- FHA Streamline / 203K Loans
- Conventional
- VA
- Reverse Mortgage
- USDA 100% -Rural area
Licensed States (Conforming, Jumbo, VA #: 7000520000):
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MO, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY
FHA Licensed states:
AL, AR, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, VA, VT WI, WV, WY
FOR MORE DETAILS PLEASE CALL,
ANTONIO LLAMAS
FINANCIAL HOME LOAN SPECIALIST
973-460-4687 allamas@westtownsb.com
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