Industry News - 5.11.10
Bay Equity released their VA products this last Monday – look for their FHA products to be released soon.
Provident Bank is now offering jumbo product – 80% LTV to $2MM on single family residences.
Who raised their LTV’s to 95% on conforming fixed products this last week for California brokers?
Industry News - 5.11.10
Bay Equity released their VA products this last Monday – look for their FHA products to be released soon.
Provident Bank is now offering jumbo product – 80% LTV to $2MM on single family residences.
Who raised their LTV’s to 95% on conforming fixed products this last week for California brokers?
• Provident Bank (Freddie conforming fixed)
• Reunion Mortgage
• CMG
• Bay Equity
• Coming soon - Fremont Bank
95% LTV’s are good for detached single family residences with loan amounts up to $417K on fixed rate products.
ING Direct has re-introduced a pre-pay option on their programs. Currently, the one-year prepayment penalty applies if the net rebate paid by ING is 1.0% or more; it does not apply if the net rebate paid by ING is less than 1.0%. Effective May 19th, a prepayment penalty will apply regardless of pricing. If the loan pays off within the first 12 months, the prepayment penalty applies and equals 3% of the outstanding balance at the time of payoff. The prep ay penalty will be waived if the borrower obtains a new loan (refinance or purchase) with ING at the time of payoff (softer restrictions). ING offers brokers loan amounts up to $3MM in California markets and has no hits for cash out, condo’s, or credit score.
US Bank (Consumer division) lowered the FICO requirement down to 620 on their 7/1, 10/1, and fixed rate jumbo programs.
Pinnacle Capital also released jumbo programs this week – 80% to $2MM on single family residences. They also increased adjustments on investment products by .25 for their conforming product.
USDA Rural Development has published an announcement dated May 11, 2010 confirming that they will continue to accept and process application packages despite their funding shortfall. They will approve loans at a higher guarantee fee of 3.5% for purchases and 2.25% for refinance loans pending legislation in Congress.
ClearingHouse is still offering USDA Rural loan programs. If USDA has funds available when they submit the loan, they will reduce the guarantee fee.
CalHFA received over $22 billion in stimulus funding to re-start their bond program that went away in January of 2009. Fannie Mae has created a program just for HFA’s called the Fannie Mae Advantage, another 100% financing option. ClearingHouse offers this program as well; in addition, ClearingHouse has a below market rate and down payment assistance program called SCHFA (Southern California Home Financing A uthority), and is taking reservations for loans on properties located in LA and Orange Counties (excluding City of Los Angeles).
Look for these programs and lenders, and others, at www.readyprice.com.
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The ReadyPrice Team