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Is 100% Conventional Financing on the way out?

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Mortgage and Lending with Assured Mortgage
Early last week we received a notice from one of the PMI companies.  Effective March 10 they will no longer insure 100% loans.  So far, it is only this one company.  But be aware it is out there.
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Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

No, so far it is every company that went into effect Today!! Who is the company that went into effect on March 10, because if that is correct, this information would help me out tremendously!! I have a client that wants to make an offer tonight, but his fico misses the new boat by 15 points. Please let me know, I am confident that the PMI company that you refer to has updated this notice and went into effect today.

It would be a good shot if I am wrong. I have been calling wholesale account executives all day and have been online too with no avail. Also, many lenders are not allowing for piggybacks on purchases either. 100% are out, it is going to be all FHA from here on out. Thanks CiCi

Mar 03, 2008 07:35 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain.  

We would welcome your return!

Aug 14, 2017 02:05 PM