Wednesday, April 2, 2008

Brentwood TN Real Estate - Mortgage Pricing Update

Brentwood Tn Real Estate

Update on more pricing hits/changes with credit scores. Some lenders rolled out these changes last week, some are rolling them out this week and so on, but it is industry wide in the coming.

Conventional Loans - FNMA/FHMC - higher add ons to rates for credit scores 620 to 699

FHA - Govie Loan - Pricing hits now on govie - below 600 score - cut off for most investors unless you receive an automated approval is now 580.

Good news of this change is some pricing improvement on the higher credit score buyers doing FHA financing now.

Investor loans are being hit with higher rate add ons then previously and stated income is tightening even more and cutting LTV's with not offering as many exceptions.

97% conventional is becoming the max on a one loan within the industry due to the Mortgage Insurance changes I mentioned coming back in February.

*Information courtesy Tonya Esquibel, WR Starkey Mortgage, Franklin TN*

Vanessa Stalets
Brentwood Tn Real Estate
RE/MAX Elite

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