MORTGAGE RATES FALL BACK A BIT THIS WEEK
The 30-year fixed-rate mortgage averaged 5.03 percent with an average 0.7 point for the week ending March 12, 2009, down from last week when it averaged 5.15 percent. Last year at this time, the 30-year FRM averaged 6.13 percent.
Click Here for more details. Click Here for historical rates.
FANNIE MAE DU Refi Plus™ COMING APRIL 4 2009
Program Highlights:
- No current lender requirement.
- The maximum LTV ratio for Refi Plus is 105%. There is no maximum CLTV or HCLTV; however, new subordinate financing is not permitted.
- For new refinance transactions with an LTV that exceeds 80%, mortgage insurance may not be required.
- Full appraisal may not be required.
- Lender-purchased mortgage insurance (LPMI) is permitted
- Refi Plus loan may be a primary residence, second home, or investment property.
- The existing mortgage must be current.
- No minimum credit score required.
Click Here for additional details.
Does Fannie Mae own your mortgage? Click Here
LOOK FOR LENDER MINIMUM CREDIT SCORE CHANGES FOR FHA
I am starting to get a number of our lenders sending out e-mails that FHA minimum credit scores are increasing to 620 for loans at $417,000 or less and increasing to between 640 and 660 for jumbo FHA loans above $417,000 to the county limits.
APRIL 1 2009 – LOAN OFFICER REGISTRATION DEADLINE
The Mortgage Brokers, Lenders and Servicers Act, as amended requires each mortgage broker, lender and servicer licensee/registrant to be registered / licensed with the Office of Financial and Insurance Regulation by 04/01/2009. Click Here to verify loan officer registration.