GMAC Stated Income Changes...

Mortgage and Lending with Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL

It's STILL getting a bit tougher to get some of those loans done!

Just announced this morning...

Homecomings Financial announces changes to Stated Income documentation types and the Payment Option program. These changes will be effective on December 3, 2007.

All Programs

  • Stated Income and Stated Income/Stated Asset documentation types are only permitted for Self-employed borrowers.

Payment Option

  • Full, Lite, One Paystub and Fast documentation types:
    • Primary Residence
      • Single Family Residence 1-2 unit, Purchase and Rate/Term: A loan amount of $2MM requires a minimum credit score of 720 instead of 700
    • Non-Owner Occupied:
      • Single Family Residence 1-2 unit, Cash-out refinance: Cash-out limits for LTVs 55.01% - 80% are now $325,000 instead of $500,000

Effective Date:
December 3, 2007

Pipeline Impact:
All new loan submissions and loans currently in the pipeline are subject to the program guidelines referenced above, as well as current pricing adjustments. Loans that fall outside of these guidelines will be ineligible for funding or purchase by Homecomings Financial.

However, we will honor loans that are locked and have been granted a final HFW underwriting approval - Status 14 or above - by end of business on Friday, November 30th, 2007 and further, must fund by December 14th, 2007.

Lock extensions will not be granted and no Underwriting exceptions are permitted.

As the mortgage industry continues to weather these trying times, we will be appraising the market and exploring avenues to bring you effective and beneficial offerings that will allow you to grow your business. Homecomings Financial is committed to taking a holistic approach by providing our partners with quality products and competitive pricing. We appreciate your trust in Homecomings Financial during these often-stormy times.

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