This entry was posted on Tuesday, April 10th, 2007 at 10:42 am and is filed under Changing Guidelines, Qualifying, Stated Income. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Urgent Notice from Wells Fargo on 100% Financing
Today’s message from Wells Fargo on 100% stated income/stated asset loans.
Urgent notice: Wells Fargo Home Equity will continue to have SIVA (stated income/verified assets) to 100%, however, the Stated Income/Stated Asset to 100% will no longer be offered for loans locked/registered on or after Tuesday, April 17th. Monday, April 16th will be THE FINAL DAY to get your SISA 100% loans in our system (an earlier communication incorrectly approximated a final locking date of April 23). Mark your calendars now and make sure you don’t miss the final SISA 100% CLTV opportunity.
The 100% full doc prime loans are still around, but who knows how long.
I was also shopping for a full doc loan with a 625 Fico score yesterday. Can’t seem to find an 80–20 combo, but First Franklin had a 100% single loan, no mortgage insurance. The rate was 11.2%. At a 640 Fico, the rate dropped to 9.8%, and both are at par, meaning the borrower must pay points to get there.
If your lender, or the buyer’s agent/lender on your listing are telling you that their 610 Fico buyer is approved for 100% financing, don’t buy it. It ain’t gonna happen.
Got a comment? Please leave it below
Got a question? Shoot me an email; I’d be happy to help you.