New Countrywide underwriting rules – Piggington's Econo-Almanac

This topic has 4 replies, 2 voices, and was last updated 17 years ago by Raybyrnes.

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November 12, 2007 at 6:23 AM #10887

Alex_angel
Participant

I have heard from a friend that works at CW this weekend that they have new underwriting rules for Interest only loans. People will now have to qualify for the full amortized price and not just the initial IO time. So pretty much means that they need to qualify for a fixed loan if they want an IO loan.

In other words. KABOOOOOOOOOOMMMMMMMMMMM

November 12, 2007 at 8:06 AM #98623

Raybyrnes
Participant

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

November 12, 2007 at 8:06 AM #98684

Raybyrnes
Participant

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

November 12, 2007 at 8:06 AM #98699

Raybyrnes
Participant

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

November 12, 2007 at 8:06 AM #98701

Raybyrnes
Participant

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%
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