95% Approval in Declining Markets?

Its one thing to get a DO approval for 95% in a declining market. But its an entirely different thing all together to actually get the loan funded and sold.

 

The big problem is that NONE of the MI companies will insure past 90% in a declining market. Some of the MI's are even down to 85%.

 Anyone figured out a work around?

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October 06 2008 - US
We think we've answered this question for you!
 
 

Replies (74)

Try FHA...oh wait a minute FHA findings cant be manipulated for an income waiver, nevermind!

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October 06 2008

Emmett, by reading your other postings on DO tweeks and this one, I'm sure there will come a day when your mail will be forwarded here. ... Chow!

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October 06 2008

Yeah, the borrower comes up with more money.

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October 06 2008

Rudi, I thought you were a lender?

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October 06 2008

I am sure if you can tweak DO, a man of your caliber can get around some pesky MI guidelines.  The answer is yes some MI companies still allow 95% under certain perameters in a DM   

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October 06 2008

Jcaf, thats an interesting post. I am sure that all of Zillow lenders would greatly appreciate if you could elaborate further.

 

Who is this MI company? What are these "certain perameters?".

 

Thanks for the positive input.

 

Emmett

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October 06 2008

lol!

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October 06 2008
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This is kind of like a time when some poster called Pender Lolice was prowling the boards. If I remember correctly, it was determined that he was building up his google search numbers or something like that.

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October 06 2008

Honestly I do not want to go on record as we all know these guidleines are changing and I do not want to be busted b/c somebody came across this thread 3 weeks later.  It is no mysterious PMI company.  Do your homework Padre and you will find them.

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October 06 2008

Pardon me while I trot off to the bathroom . . .  It is getting really thick in her, Padre.  Give last rights or a courtesy flush.  Your choice.

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October 06 2008

RADIAN will issue MI to 95% in a declining market.  You need to have your file submitted to them by the 20th of this month. 

 

Most other MI Comanies will stay at 90%. 

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October 06 2008

Tammy, I'm primarily a Mortgage Broker. (Zillow only has a "Lender" classification.) When I made those two postings (my first) I was wearing that hat because Zillow just sent me an email to update my real estate profile for "Find a Pro."

 

I'm also a Realtor, serving South Orange County's Active 55+ Senior Gated Communities. Real Estate doesn't keep me very busy. .... As far as that goes, my mortgage business isn't keeping me that busy either. I got approved for FHA and Dove and others say if I get involved with FHA leads my earnings will soar. .... I feel it's just like sub-prime and I still haven't decided if I want to go there. .... Thanks for asking!

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October 06 2008

Rudi, I've never seen that Agent hat!  Good to know!

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October 06 2008

Thanks Chad. I tried Radian. They quoted me 90 today. Tough conditions out there. 20th of this month? Hmm. Maybe. Thanks for the input!

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October 06 2008

Tammy, I have a great real estate referral program. Put me in your card file. ... Thank you, Rudi

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October 06 2008

Everyone is finding out that although FNMA may say "yes".....  She does not "promise" or speak for the LENDER or the MI company.  Overlays and more overlays. Emm,  if you had read us more... especially me, you would not have started so many threads on "FANNIE GONE WILD" and would have realized that wholesale lenders and MI companies alike are not going to be on the hook for these loan types. I am not lighting you up, rather enlightening you. Loans will be made to those who can and will repay them. It is actually very simple.. You are in CA.. I know the MI companies are clamping down there as well... DTI's of 41-45% with min scores of 720 for some...  Hope it works out for you, but I would tone down the Rave party..... It is over, regardless if you obtained an approve/elig with verbals...  Keep rockin'.

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October 06 2008

Hi Martin! How ya doin?

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October 06 2008
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"Fannie Gone Wild"??????  How long have you been waiting to use that way :o)

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October 06 2008

I'm doing fine... Another day... another Lending carnival starts... Loosening guidelines... forgot the MI part.... oh and yeah... the declining market part.......  but plenty of new threads... Reminds me of:

 

 

All I need to see is the "I guarantee it" with all of the Happy Days Mortgage service.  Does anyone really believe that shtick?  With the CREDIT MARKETS in tough times, that they are going to "loosen" guidelines.... loosen guidelines.....  you read it... to allow similar people to borrow that we are foreclosing on?  Sad that there is not an editor here to "read" these views and starts from those who just acquired their blue ribbons.. Remember, the ribbons are for being a ZILLOW ALLSTAR, not for raising a pig for the 4H club in Iowa.  Wow.  Keep rockin'.

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October 06 2008
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that one not way..............

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October 06 2008

LJ, Need artwork...

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October 06 2008

Wow MW, you are on fire today!

 

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October 06 2008
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I'm not touching that one MW.............

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October 06 2008

Thanks Martin for the great feeback. I can always use good advice from a seasoned pro.

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October 06 2008
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He uses McCormicks

 

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October 06 2008

lol...

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October 06 2008

I'm like a "seasoned" FLANK STEAK... tough and rare.

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October 06 2008

I marinate my flank steak and it is soft and tender, although rare!

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October 06 2008

I like this spicy, especially for "brunch." But, my wife hates it. Can't get her to make it for me!

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October 06 2008

If she doesn't make it because of the tripe (ewwww), have her make it with hamburger meat instead.

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October 06 2008
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