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Another Wave of Mortgage Underwriting Changes


Yesterday from First Franklin…..

  • First Franklin no longer allows loans at >95% LTV. This applies to all doc types.
  • Loans at >90% LTV have a maximum loan amount of $500,000 and require a minimum 680 FICO. This applies to all doc types.
  • 90% loans are not available for first time homebuyers. To qualify for >90% funding, borrowers must have owned a home during the previous 3 year period.
  • The Stated Plus and Blended Access programs have been discontinued.
  • Today from Chase Home Equity…

    • Effective August 6, 2007, all stated income/stated asset home equity loans and lines are discontinued, except…
    • Self Employed borrowers with 700 Ficos
    • *Commissioned salespeople are considered salaried, not self employed

    Today from Wells Fargo…

    • Alt-A Discontinued Until Further Notice
    • Due to the appetite and demand for this product in the secondary market, we are not able to obtain pricing from our investors. Until we find out more, the rate sheets will not have pricing for this product. A newsflash will be going out soon regarding unlocked pipeline and loans locked that are not yet delivered.
    • Thank you for your understanding during these market conditions. Please let us know if you have any questions.

    Are you working with an experienced, full-time professional who is staying ahead of the rapid changes in the mortgage business?

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    « Sacramento Mortgage Rate Update: Room for Improvement
    American Home Mortgage Falls as Credit Markets Tighten »

    This entry was posted on Tuesday, July 31st, 2007 at 2:22 pm and is filed under Changing Guidelines, Mortgage Programs. 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.

    One Response to “Another Wave of Mortgage Underwriting Changes”

    1. LendingClarity.com » Blog Archive » American Home Mortgage Falls as Credit Markets Tighten Says:
      August 1st, 2007 at 7:42 pm

      […] Another Wave of Mortgage Underwriting Changes […]

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