Week of Jan 4, 2010
Loan Program Updates
Purchase Price Negotiations
DMC will no longer allow the purchase price to be renegotiated upwards if an appraisal has already been performed. This applies to all loans locked on or after 1/21/10.
Ratios
In the presence of a non-occupant co-borrower, the max housing and debt ratio for the occupant borrower is being reduced from 55% to 50%. This applies to all loans locked on or after 1/11/10.
Turn Times
Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.
Underwriting: The oldest loan in the underwriting queue was submitted on 1/04/2010.
Holiday Schedule
Jan 18, 2010 - Closed; Not a recission day
Streamline Refinances
During January the underwriting fee for FHA Streamline Refinances is $410.