Starting today 95 LTV conventional financing with private mortgage insurance is back. If you’re purchasing a new 1-unit owner occupied home or looking to do a rate/term refinance you’ve got more options. You must have a 680 FICO and max debt to income of 41%. Max loan amount is $417k. A 2 unit can go to 90 LTV with max loan amount of $533,850.
With the increased up front MIP on FHA loans, this will help some borrowers save money. It’s also a great sign the private market is coming back if only one step at a time.
Michael Regan (NMLS #275695) specializes in Marin, Sonoma, and Napa counties. You can reach him at 415-672-2499 or online at www.TheReganTeam.com
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