More Product, More Choices

If your buyers are looking for manufacured housing, condos, more reverse purchase loans, along with FHA 203k and 203k streamline, we now have them all! My former company had made the decision to limit many of these choices so I decided to change to First Priority Financial.
One big change is that the normal 1% loan fee or higher that your clients are used to seeing on their Good Faith Estimates is greatly reduced on many loans we now have thereby beating the major lenders. With rates near 70 year lows, you owe it to your clients and yourself to check us out and see just how good a lender can be. You will like the fast closings too. Call us today, I'll be happy to show you the difference in having a loan originator with the right product mix, experience, and skills to make things happen.

Lenders Begin to Tighten FHA Loans

Mortgage banks are further tightening FHA loans. The first item to notice is that the previous lending limit of $417,000 between FHA normal limits and FHA Jumbo limits now has to include the UFMIP (up-front mortgage insurance premium) while previously it could be added to the $417,000 maximum normal limit. The next item to change is that a 660 (up from 620) credit score will now be required on FHA Jumbo loans and it must include a DU approve eligible through the FHA Total Scorecard Underwriting System. Purchases with a loan-to-value above 95% will require a FULL 2nd appraisal. Your buyers will need to be prepared also for an anticipated raise in FHA appraisal prices as the industry moves to a nationalization of appraisal ordering on May 1st. We have already been advised by some of these companies that they will be charging up to $600 for an FHA appraisal. That would be $1200 for 2 on FHA Jumbos.

These guidelines are effective immediately with several lenders and it will run through the rest of them as days go by. Rest assured, we will keep you informed here in this blog of any agency guideline changes.

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VA to Allow 100% Refinance

In an effort to aid veterans with subprime mortgages, the Veteran's Administration has just announced that they will start to allow refinancing to 100% loan-to-value, up from the previous limit of 90%. This news should help provide an additional way out of a potentially harming subprime mortgage. Drop a quick email to info@mortgageinwashington.com for a copy of the VA announcement.