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April 16th, 2009 1:26 PM
 
Great news!   Fannie Mae now allows seller held seconds up to 95% cltv.  The first with Wells Fargo is 80% and the second can be up to 15% with the seller.  The cap on seller concession for 95% cltv is 3%.  There will be no PMI.  Here are the guidelines on the second
1.Term must be a minimum of 5 years
2. Can be amortized or I/O
3. Rate must be within 2% of what we could offer on a similar sized loan through WFHE
4. Must be a recorded 2nd cannot be forgivable or soft 2nd
5. Must include 2nd mortgage payment to qualify on WFHM 1st mortgage
 
This is great news for your buyers with a credit score less and 700 and do not have the 20% to put down. 
 
Please let me know if you have any questions.
 
Stacey
 
 
 
 
Stacey D. Van Schenck
Mortgage Consultant
Capstone Home Mortgage, LLC
An Affiliate Of Wells Fargo Home Mortgage
MAC M1965-011
3126 Little Road
Trinity,  FL  34655
(727) 842-6275 Tel
(866) 425-6407 Toll Free
(866) 406-7661 Fax
 
 
Posted by Christian Bennett on April 16th, 2009 1:26 PMPost a Comment (0)

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