What a crazy quarter, and more craziness to come.
The biggest change has been not the lenders, but the Mortgage Insurance companies. They're the ones that insure the loans against default. The less you put down, the more risk they take.
Starting next week, some of the Mortgage Insurance companies are changing the rules to no one being able to qualify for 100% financing unless their credit score is 680 or greater. Consumers will have to put 5% down for credit scores between 620 and 679, with 20% down on loans under 620. These changes will deny many people the ability to purchase a home.
We have a small window of opportunity before these programs are gone. Please get in touch with us to get registered for these loans.
As I mentioned last month, all good things must come to an end.
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