I have just received an email stating that as of Friday of this week lenders are taking away their 100% programs.
The main reason for this is because the mortgage insurance companies are now only insuring up to 97% LTV instead of a 100%. Banks don't want this added risk and so they are then taking away their own 100% programs.
So if you are looking at purchasing a home in the next little bit, contact me today to get your file in by Friday of this week so we can lock into the 100% program. Who knows when or if they will ever come back...
Most stated income programs have left also, but there are still a couple left, but my guess is soon they will be gone too.
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