Today we have a guest blogger from the mortgage industry. Paul Bender with Countrywide Mortgage has an important update for all homebuyers:
EFFECTIVE TODAY: Customers that are purchasing homes with less then 20% down, now must have a 700 credit score and have a debt to income less then or equal to 41%. Government loans (FHA, VA) are not effected.
If the customers are putting 20% or more down then they can have a credit score less then 700, the DTI still needs to be 41%. [Read more...]
