Mortgage Insurance Premiums increased from 1.75 to 2.25% – Effective April 1st
· Seller Contribution decreased from 6% to 3% – TBA early Spring
· Increased Monthly MI – Effective date TBA
Increased down payment for borrowers with lower credit scores TBA
TAX CREDIT: Buyer must have a binding purchase contract by April 30th to qualify for tax credit.
WHAT DOES ALL OF THIS MEAN?
A 200k purchase price after April 30th may have up to a 15k impact on the borrower.
(Assuming current rates stay the same. Well…we all know what happens when we assume J)
ACTION REQUIRED:
Convert any “shoppers” into BUYERS between NOW and April 30th!
Don’t hesitate to call or e-mail with any questions you may have concerning how this will affect your clients.
Melissa Stashin
Sr. Mortgage Banker/ Branch Manager
NMLS #40033
Pacific Residential Mortgage, LLC
2 CenterPointe Dr. STE 500
Lake Oswego, OR 97035
(503) 670-0525 x113
(971) 221-5656 Cell
(503) 670-0674 Fax
(800) 318-4571 Toll Free