The Frisco, Dallas, Fort Worth, DFW metroplex Realestate and Mortgage market as it pertains to home buyers, home loans, and refinancing, or even people selling their home in Frisco, Plano, or Dallas. The view from a Frisco Mortgage Person...including weekly Stock and Bond commentary, Mortgage Home Loan Rate Quotes, and mortgage calculator. Frisco Homes For Sale.
Wednesday, September 24, 2008
Banker 3% Down Payment for Conventional Loans
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."
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