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100% mortgage no longer on March 10th???

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Anonymous
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100% mortgage no longer on March 10th???

I just got off the phone with a loan officer at a local bank and she said that her bank got word yesterday that as of March 10th the 100% loans will no longer be available.  We were planning to put down at least 5% anyway, but she said before getting that notice she would have recommended the 100% loan to us.
 
Just thought I'd put that out there for all you guys to read.
Message 1 of 6
5 REPLIES 5
New Contributor

Re: 100% mortgage no longer on March 10th???

I spoke with my potential lender today to get other information and she told me as of last week our area (I am in suburban New Orleans) is now being considered a declining market, so 100% conventional financing is no longer available here either.  Drats, if only I coulda found and closed on a house by last week.  Smiley Mad
 
A sign of the times........the real estate market continues to head towards the bottom.....
FICOs
04/08/08 TU 761 EQ 740 EX 756
Closed on my first mortgage on 4/25/2008!!!
05/18/08 TU 771 EQ 740 EX 756
08/18/08 TU 749 EQ776 EX 768
I never have real credit card debt, just the 1-9% for reporting purposes!!!
Message 2 of 6
ShanetheMortgageMan
Super Contributor

Re: 100% mortgage no longer on March 10th???

Each lender has their own guidelines, and it's mainly due to who they use for mortgage insurance coverage.  A small percentage of mortgage insurance company's are no longer insuring 100% LTV mortgages, however there are still plenty who do.  The declining market policy also affects where 100% financing is offered as well.  It's best to get several opinions on mortgage financing options than just taking the 1st lenders word you speak to as the final saying.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 3 of 6
Anonymous
Not applicable

Re: 100% mortgage no longer on March 10th???

Shane, any idea when the new FHA guidlines and lending limtis will go into affect? has the new bill registered?
 
DaddyMac
Message 4 of 6
ShanetheMortgageMan
Super Contributor

Re: 100% mortgage no longer on March 10th???



DaddyMac wrote:
Shane, any idea when the new FHA guidlines and lending limtis will go into affect? has the new bill registered?
 
DaddyMac


Posted a new thread on it, just for you Smiley Happy
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 6
Anonymous
Not applicable

Re: 100% mortgage no longer on March 10th???

Dude, this is awesome!!!!!!!!!...give me your best shot here...here is my current situation...
 
 
FICO 620 me / wife 567..income 120K yearly..paid off ALL collections , no late on revolving or installments last 12months....35K in hand for down/closing..399K home in escrow as we speak ..going FHA .....monthly bills. 1100.00 w/ 3100.00 estimate mortgage...do you see any obstacles to prevent us getting approved??
 
My Mid FICO as of today is up to 655..my wife up to 577.....My lendor called me with the good news concerning the limits,......
 
Do we have a chance?!?!?!!Smiley Happy
 
 
 
thanx Shane
 
DaddyMac
Message 6 of 6
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