Mortgage changes affect Ann Arbor buyers

If you want to be on national TV show House Hunters for ANN ARBOR, MICHIGAN, you can be featured on HGTV if you buy a home in the next couple of weeks with Kathy Toth & Team, Ann Arbor, Michigan.

As you probably know the mortgage industry is wreaking havoc on the stock market this week. What you might not know is that most lenders have already suspended all 2nd mortgages indefinitely. Also new this week is some are pulling 6% seller concessions. We have a closing today with a 6% seller credit 100% financing that the lender said they will only allow 3% today, the day of closing….(a waiver was granted) but changes are happening quickly.

This is important if you have buyers who are trying to purchase zero down and using seller credits. FYI – If you have anything in the works get it under contract so that the lenders will honor the loan programs they were quoted. Or next week they may not qualify to buy anything. You can also check the Fannie Mae site for the updated dictum regarding appraisers deciding if the property is in a declining market. This will change allowable financing from 100% down to 95%.

Kathy Toth & Team
http://www.kathytoth.com/