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Unfortunately the blame can not be laid on Congress this time. Here is the link from the Federal Reserve. Thay can enact rules without Congress or the Administration having any input. http://www.federalreserve.gov/newsevents/press/bcreg/20090723a.htm
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Found it Union Bank is doing them on retail side
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Does anyone know anyone even a retail lender doing these?
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Check out the DU Certs - There is a new disclosure on them VERIFICATION MESSAGES/APPROVAL CONDITIONS 6 This loan is also subject to all other lender specified conditions and must comply with all applicable federal, state, and local laws and regulations.
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That is what I am looking for A wholesale lender that will take DTI over 50% that is Approve/Eligible. If I had the money I would write check for this loan.
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Have a bunch of borrowers with non-owner properties with LTV's under 60% but DTI over 50% Who are the lenders taking these Approve/Eligible files?
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There an annoucment on their website. But if they are as picky with FHA as conventional, better sending loan elsewhere.
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They still need it. Look at internals of home sales numbers and they include foreclosures sales back to the bank in that number .
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Believe me, I will asking a lot of questions before I give out a 1003 & 1008 Might be having them sign an NCND way before that
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So true about slim picking on these loans in california I do know of some cheap lots right now. Found a 7500 square foot lot with ocean view in San Clemente for only $80K. Same lot was going for $500K 2 years ago.