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Old 03-13-2007, 01:47 PM
 
462 posts, read 1,684,758 times
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Not sure how many people this will effect but those of you approved on your mortgages may want to call you lenders to make sure there will be no surprises come closing. With all the waves in the industry there are a bunch of changes and new rules being made as we speak.
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Old 03-13-2007, 02:18 PM
 
Location: Rhode Island
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Quote:
Originally Posted by neoflex View Post
Not sure how many people this will effect but those of you approved on your mortgages may want to call you lenders to make sure there will be no surprises come closing. With all the waves in the industry there are a bunch of changes and new rules being made as we speak.
Can you give us a heads up on some specifics to look for? TIA!
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Old 03-13-2007, 02:21 PM
 
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Default no money down?=no mortgage!

yep..gonna make it a lot harder to sell that home?...who else is having trouble selling their home
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Old 03-13-2007, 02:25 PM
 
Location: Rhode Island
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What is the minimum down payment - % wise? Thanks.
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Old 03-13-2007, 02:46 PM
 
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The mortgage industry has not YET made any ruling against 100% financing. I was in a meeting this morning and asked the head of mortgage about it. Yes, it will be more difficult for people who need sub prime loans. They are considered a credit risk and mortgage companies are tightening the reins on risks. Investors will have difficulty getting 100% and people with credit scores under 6. Otherwise, if you have good credit you shouldn't have a problem.
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Old 03-13-2007, 02:49 PM
 
462 posts, read 1,684,758 times
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Not sure of all the changes but my mortgage guy said there are a lot of rule changes with the recent waves in the mortgage industry. I was effected because they wrote up our mortgage as a 80/20 2nd home mortage so that we can use our current jobs in NY instead of going no doc and having a higher % rate. This with the fact it is our 1st home purchase made it impossible to now give us the 80/20 without proof of employemnt in NC.( I know the above statement is an Oxymoron but this is how they were writing up the mortgage) My wife has landed a job in the last week but I am still looking. Had an offer yesterday but the pay was unreasonable so I had to pass. So now we need to put down 5% at closing. It sucks because we are going to have to dip into our dwindling savings but on the upside our % rate is over a full point lower so in the long run we will make up that difference in our savings. My lender mentioned he has been making phone calls all day long so I figured I would give you guys a heads up to double check with your lenders that nothing has changed so you don't find out the night before that you will need a chunk more change to close. Hopefully you guys won't be effected. Good luck!
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Old 03-13-2007, 03:14 PM
 
Location: South Charlotte
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There still will be 100% stuff around but the conditions will be much tighter.
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Old 03-13-2007, 03:14 PM
 
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I'm sure your mortgage person knows more about what's going on than I do, but I just don't think it's anything to panic over. I think this will just effect the lending practices that have been marginal all along.
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Old 03-13-2007, 08:10 PM
 
Location: Indian Trail, NC
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People who rely on 100% financing (80/20s) are the ones who are going to have a hard time. Where I work just stopped making these loan combos as of last week due to investor's tightening up their belts and not buying the loans. They are higher risk since the borrower's really have nothing to lose since they aren't investing anything into the transaction.
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Old 03-13-2007, 09:16 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,752,693 times
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Quote:
Originally Posted by 3johnsons View Post
People who rely on 100% financing (80/20s) are the ones who are going to have a hard time. Where I work just stopped making these loan combos as of last week due to investor's tightening up their belts and not buying the loans. They are higher risk since the borrower's really have nothing to lose since they aren't investing anything into the transaction.
You're absolutely correct- "no skin in the game..." As businessperson said, it's a tightening of the restrictions that were to relaxed to begin with.
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