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Wednesday, September 24, 2008

Banker 3% Down Payment for Conventional Loans

Posted by Brad Lynch
RMIC is a mortgage insurance company that makes it possible for families to put down as little as 3% on a conventional purchase or refinance. Without mortgage insurance, lenders won't risk one loan that equals to 97% of the total purchase or appraised value amount of a home. RMIC just announced that they are not going to issue their mortgage insurance with broker lenders or wholesalers anymore starting November the 1st. This is another positive for those bankers out there. The Release Notes from RMIC on the 15th read exactly as, "Loans with LTV/CLTVs of 95.01% to 97% may only be originated through a lender's retail channels (i.e., broker originated and wholesale loans are ineligible). In order to be considered a retail loan, the loan must be closed and the MI ordered in the name of the originating lender, by that lender's personnel. The minimum representative FICO required for insurance on loans over 95% LTV/CLTV will remain 720 as stated in the August 27, 2008 release notes."
at 5:33 AM
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Testimonials & About Me

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Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.