I checked all this and I am a mortgage lender. The new program doesn't have any credit score requirements or LTV requirements. It states:
1. 105% LTV on the first mtg. There are no total loan to value restrictions, so if you have a second you are ok.
2. No pricing adjustments so you will qualify for the best rate regardless of credit score
3. No PMI if you don't have it already and if you do you stay at the same coverage.
4. 30 yr fixed or 15 year fixed; if your payment increases by more than 20% you have to have a 620 FiCO
5. This is a full documentation loan.
go to efanniemae.com or go to Freddiemac this is great for many of us you have to go to the place your loan is serviced at, so you can't pick and choose your lender but who cares if your rates go down.
1. 105% LTV on the first mtg. There are no total loan to value restrictions, so if you have a second you are ok.
2. No pricing adjustments so you will qualify for the best rate regardless of credit score
3. No PMI if you don't have it already and if you do you stay at the same coverage.
4. 30 yr fixed or 15 year fixed; if your payment increases by more than 20% you have to have a 620 FiCO
5. This is a full documentation loan.
go to efanniemae.com or go to Freddiemac this is great for many of us you have to go to the place your loan is serviced at, so you can't pick and choose your lender but who cares if your rates go down.
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