We have seen some pretty significant changes in the mortgage industry this past week. 100% financing is still available but you must have at least a 680 credit score to obtain. Some of the major banks are taking away the 100% programs all together and limiting maximum financing to 95%. The mortgage insurance companies will no longer insure these loans in the event of a foreclosure and the lenders have to adapt and overcome. Their are several changes that are supposed to be taking place next week and I will provide additional information as I recieve it. Another major change is that mortgage insurance companies are no longer insuring second home cashouts or investment property cashouts above 80%. I am going to call the mortgage insurance companies next week and report what I find.
I've written several articles and blogs that will help inform you of the changes in the industry. You may view these on my website at www.yourclearlakemortgage.com
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