Current Financing via Loan Depot
Posted by Michelle Crenshaw
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Good afternoon everyone,
I would like to give you all some updates to the mortgage industry changes and the new guidelines.
As of any new origination purchase home loans any buyer who is looking for down payment assistance with obtaining a conventional loan we have temporarily suspended and cannot offer at this time.
We are still offering FHA loans with the down payment assistance. However the minimum credit scores have changed to at 640 minimum for any borrowers and the debt income ratio cannot exceed 45%. This is allowed as long as we have an automated approval on the system. The down payment assistance is between 3% and 4% assistance of the loan amount to assist with their down payment.
This program is still currently available but we do not have a time frame as to for how long. SO let's get all our buyers that need assistance in asap.
VA loans we still offer with a minimum 620 mid score and debt to income ratio cannot exceed 45%
Investment properties require 20% automatically with a 700 minimum credit score
Manufactured homes are temporarily suspended and we cannot finance them
ITIN loans are temporarily suspended
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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