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I continually see 95 LTV conforming loan quotes in MA and RI. These are declining markets with max LTV of 90%. Can someone either confirm or correct me?
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Well . . . . No!
George, I know of zero MI companies who will touch a Conventional loan over 90 LTV in a declining market. The only way I know how to do a 95 LTV Conventional loan is with Wells Fargo or Countrywide. Wells will do it with their LPMI and Countrywide with the Tami program. But, ouch on the rate.
The quoters are trying to get the call and ZMM simply can't handle hundreds and hundreds of daily flagged quotes.
Actually PMI group will do 95% in both MA and RI except for a handful of counties. The MI companies are starting to classify whether they are going to continue to declining or not. But, yes they are still available.
Not in a declining market.
With maybe a couple of exceptions, nearly all counties in MA and ALL in RI are considered declining markets. Greg is correct, lenders are trying to get the call by not quoting FHA UFMIP.
Do you quote in MA and RI?
I see similar quotes here (Georgia) with respect to "Cash-out" refinance transactions being quoted at 85-90% LTV's in declining markets. I checked four MI companies guides and "cash-out" refi's are not eligible for MI in a declining market.
Here is an interactive chart of PMI (The company) (Save it as it really helps to know what areas are declining and stable (Boston 02101...stable for example).. Plug in each particular ZIP and they will pop up distressed or not.. and will give a much better portrayal.. Each MI company is slightly different... however,, they are all still MI companies and "fly" in a similar formation. Keep rockin'.
George - I have been closing 95% conventional purchase loans in Mass...have not had any applications for 95% in RI lately though so I am sure about those counties. There are definitely still MI companies going to 95% in Mass though.
I only quote in my surrounding area, where I know what is going on. Although I do sometimes venture to FL, but only because I have done a lot of business there. I agree that some of these people are trying to bait and switch people because they have only been doing this for 2 or 3 years and they don't know their products nor are they very professional.
All of RI is a declining market and so is Bristol County MA (borders RI). I see conf 95 LTV quotes in these areas, and I starting thinking I was missing something.
Bristol is the only county in Mass that I have been running into trouble with finding MI the last few months but I was able to get one through on a SFR. Can still do 95% just not the flex 97%.
You would know the RI counties better than me. I know I tried pricing a 95 out in Providence and didn't have any luck.
Here is a quick reference for an overview of PMI companies.
You may find it helpful.
California has the same issues with PMI caped at 90% but lot's of quotes above that mark.
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