According to Lane Sears of RWF, a joint venture between Rubloff and Wells Fargo, https://www.homeloans.com/loans/lane-sears1/index.page there is great news out there for first time homebuyers and buyers with low down payments. Wells Fargo Home Mortgage is now offering 95% financing for condominium purchases in Cook County and some of the surrounding counties again. This means that FHA is no longer the only low down payment financing vehicle for city condominiums, which is great news for units in buildings that don't have an FHA approval or can't be spot approved because of the Right of First Refusal or any of the other myriad of FHA/condo spot approval issues.
Here are the stipulations for obtaining 95% financing:
- minimum credit score of 700
- maximum debt-to-income ratio of 41%
- maximum loan amount $417,000, the conforming loan limit
- purchase transactions only; not available for refinances
- available in the following counties: Cook - DeKalb - DuPage - Grundy - Kane - Kendall - McHenry - Will
It is good to see the mortgage guidelines pendulum end up in the middle after swinging from too lenient to too stringent
Monday, October 12, 2009
Subscribe to:
Posts (Atom)
