I just wanted to convey some key information on the New Changes of Loan Programs.
It is so crucial that Loan Officers know their product lines. The calls I have been recieving from customers is that they have been told that the My Community Program is still available and can provide 100% financing.
The My Community Program is still available but the MI Companies are only insuring only up to 97% LTV. So even if the Findings happen to reflect 100% LTV, the customer must still contribute 3% into the transaction.
The MCM 97 does allow the 3% to be a gift from a Family Member, but does not include closing Costs.
The Only 100% Financing available is the USDA and VA Loans.
The FHA Program does allow the 3% Down Payment Assistance Program with Ameridream or Nehimiah.
Providing our Realtors and Buyers up to date information is so crucial ! It is all about providing 110% Customer Service they deserve and making sure that the requirements of the program are conveyed correctly.
Re- educating ourselves on a daily basis of the ever changing guidelines will provide that service to our customers.
Have a great week and If I can be of further assistance, I would welcome the opportunity !
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