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)
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.
Sr. Mortgage Banker/ Branch Manager
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