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VVance
6587 Posts |
 Posted - 11/16/2007 : 2:30:00 PM
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| Just received word, as per SunTrust, that Fannie will be cutting back seller's assist from 6% to 3% on ltv's greater then 97.01%. This is just what we need, a new restriction to help cool the booming housing market! |
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pablin_2005
690 Posts |
Posted - 11/16/2007 : 2:41:49 PM
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| No, I don't like this! where did you hear this from??? |
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VVance
6587 Posts |
Posted - 11/16/2007 : 2:54:04 PM
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quote:
Originally posted by pablin_2005
No, I don't like this! where did you hear this from???
Just received a notice from SunTrust, who are making the new guideline effective on November 29th. My SunTrust contact indicates this will be for all Fannie My Communities shortly. Anybody else confirm this? |
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VVance
6587 Posts |
Posted - 11/16/2007 : 2:57:13 PM
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Here is what I received via email...
Upcoming Updates . . .
The following updates will be released on Monday, November 19th:
IMPORTANT INFORMATION REGARDING UPCOMING MYCOMMUNITYMORTGAGE UPDATE – Maximum Seller Contribution Limit for LTVs 97.01-100% Being Reduced from 6% to 3%
In response to an upcoming Fannie Mae guideline change, effective for locks on or after Friday, November 30, 2007, the maximum seller contribution limit for MyCommunity and Teacher, HealthCare Worker and Safety 1st loans with an LTV of 97.01-100% is being REDUCED from 6% to 3%. All other seller contribution guidelines for MyCommunityMortgage transactions remain unchanged.
MyCommunity and Teacher, HealthCare Worker and Safety 1st loans (including existing loans in the pipeline) with an LTV of 97.01-100% with seller contributions greater than 3% (up to a maximum of 6%) that are locked by close of business Thursday, November 29, 2007 will be honored; however, MUST be closed, funded and delivered to SunTrust by Friday, December 14, 2007. Lock-in extensions and re-locks will NOT be granted.
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FundStar14
1006 Posts |
Posted - 11/16/2007 : 4:23:45 PM
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| Not surprising with everything that is going on in the industry. Lenders want to see a personal investment from the homebuyers to make it harder to walk away if the home values continue to decrease. TGIF..... Thanks for the post! |
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liverichly
6079 Posts |
Posted - 11/16/2007 : 5:03:01 PM
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| Interesting, I didn't see this listed on Fannie Mae's lender announcements page... https://www.efanniemae.com/sf/guides/ssg/2007annlenltr.jsp |
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MisterVA
8643 Posts |
Posted - 11/16/2007 : 5:50:16 PM
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| Another reason to do FHA loans.....all day long. |
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danielgrunauer
58 Posts |
Posted - 11/16/2007 : 6:38:20 PM
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| This sounds like an investor guideline change and not a change by the agency... We are still doing 6% seller contributions and we deliver to Fannie Mae and Freddie Mac. |
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Donald1955
6067 Posts |
Posted - 11/16/2007 : 6:42:19 PM
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| What next? |
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pablin_2005
690 Posts |
Posted - 11/17/2007 : 02:50:04 AM
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| next is no more brokers... :( bad joke, bad joke... its saturday and its 230am, I do not know WTF I'm still doing up... |
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