100% FINANCING is NO LONGER AVAILABLE AFTER MARCH 31.

100% FINANCING is NO LONGER AVAILABLE AFTER MARCH 31

I suppose this news should not be shocking to any of us considering the changes in the housing and mortgage industries. 

PMI (Private Mortgage Insurance) companies are no longer willing to provide PMI coverage after March 31 for financing above 97% with the exception of one company who will be following suit with the rest of the MI carriers.  LPMI (Lender Paid Mortgage Insurance) will not be available above 97% either.

Without PMI or LPMI coverage, 100% FINANCING is NO LONGER AVAILABLE AFTER MARCH 31.

If you have been approved for 100% financing products we will need to restructure your financing.  I DO HAVE A WORK AROUND FOR YOU, BUT YOU NEED TO CALL ME SO WE CAN TALK ABOUT IT.  I will need to advise you how these files are to be restructured and how you will need to write your offers.

This IS NOT the end of the world.  We all suspected this might be coming, we just didn’t know how soon.  We have undergone a variety of shifts and changes over the last year, this is just another shift.  Stick with me and we will get your deals done to the extent that the new guidelines will allow.

FHA has been an acquaintance over the last few years, but now FHA is your new best friend.  Since the recent FHA reform has passed both House and Senate, the new FHA loan limit is $281,250.  This does help matters.

Now, more than ever, YOU NEED TO BE WORKING WITH A MORTGAGE PROFESSIONAL, not just a loan officer!

Information Courtesy of Christine Menker of CTX Mortgage 636-305-9248