credit score: Lenders and mortgage insurers pull back - 06/05/08 09:21 AM
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May.
Most buyers can still get home loans, but some find themselves pushed out of the private mortgage insurance, or PMI, market. Instead, they have to get mortgage insurance through the Federal Housing Administration. That often entails having to switch mortgage brokers, because many don't have FHA certification.
The upshot: Although mortgages have become harder to get, … (1 comments)

credit score: Consequences for 'Walk-Away' Borrowers - 04/20/08 02:15 PM
Found this and tought to pass it on. Please inform your clients that might be in hardship stuation. 
The government and the lending industry are taking aim at "walk-away" home owners who stop making payments and months later send the house keys back to their lender. Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are "documented extenuating circumstances." In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment … (5 comments)

 
Boris Miric, Realtor (Licensed in DC-VA-MD) (District One Properties)

Boris Miric

Realtor (Licensed in DC-VA-MD)

Washington, DC

More about me…

District One Properties

Address: District One Properties, 220 S. Payne Street, Alexandria, VA, 22314

Mobile: (202) 459-4700

Office: (703) 600-7000

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