A recent announcement came accross my desk from Dan Quinnelly of SunTrust Mortgage. Office: 770-804-7248. This information is extremely important as it will affect the real estate industry in a big way and impact buyers and sellers greatly. Please read on.....
As a result of record foreclosures and declining market values,
Mortgage Insurance companies are suffering record loses! Expect the following to occur!
Elimination of 100% Financing Options!
Increase in the cost of Mortgage Insurance for High Loan to Value Transactions!
Increase in FHA transactions!
We are already experiencing difficulties obtaining approvals and often hit road blocks in underwriting. The days of everyone getting approved are quickly coming to a close. If you are interested in getting in on 100% financing before it is over, you should act quickly. SunTrust Mortgage is still offering some 100% options for a limited time, but buyers need to act quickly before these programs are gone. The industry highly recommends that buyers get prequalified and approved prior to looking at housing as the new 2008 contracts require approval prior to offer. If you are interested, you can apply on-line at:
www.danielquinnelly.com
To start your home search, contact ML Realty & Associates, Melanie Lunsford at MLRealtor@kw.com.