TBrentwood TN Real Estate
he following changes will become effective March 31, 2008:
•· The maximum LTV/CLTV cannot exceed 97%.
•· Seller concession cannot exceed 3%.
•· All MI certificates must be dated on or prior to March 31, 2008 on any conventional loan with 97.01 - 100% LTV and/or a 6% seller concession.
•· These changes will become effective March 31, 2008, howeverCOMPLETE loan submission packages will be accepted until April 15th with MI certificates dated correctly.
Please be advised that the following guidelines continue to apply for Conventional loans:
•· All Conventional loans must meet Fannie Mae or Freddie Mac underwriting guidelines.
•· The DU or LP report and findings must be included in the underwriting submission package and the underwriter must sign the 1008.
•· THDA's required MI coverage, as stated in the Guide remains in effect for the time being for loans with LTV's between 78-97%. We are currently in discussions with our MI Partners pertaining to future required coverage amounts and discounted rates. We anticipate increasing the required coverage in the near future and you will be advised of any changes.
*information courtesy Tonya Esquibel, WR Starkey Mortgage, Brentwood TN*
Brentwood TN Real Estate