Private Mortgage Insurance Change in Florida
Friday, February 29, 2008
The entire state of Florida is officially considered a declining market.
Mortgage insurance companies will not issue a policy if the loan to value or combined loan to value is greater than 90% effective March 1.
This is a FannieMae/FreddieMac guideline that is across the board. FHA loans are not affected by this. FHA requires 3% down. When using FHA in conjunction with bond or any ship programs the down payment assistance can count as the 3% down payment, leaving the client at financing 100%.
Mortgage insurance companies will not issue a policy if the loan to value or combined loan to value is greater than 90% effective March 1.
This is a FannieMae/FreddieMac guideline that is across the board. FHA loans are not affected by this. FHA requires 3% down. When using FHA in conjunction with bond or any ship programs the down payment assistance can count as the 3% down payment, leaving the client at financing 100%.
There are programs that do not require mortgage insurance, however there are income limitations.
Call or email me if you would like more information!
Ellie Stafford
850-545-0814
