There have been many changes over the past few years with obtaining a mortgage. Income must now be verified and credit scores must now be over 640 to qualify in most cases. The newest rule is lenders are now requiring mortgage originators to verify that
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From the Wall Street Journal…. Summary: 1. Raise Upfront Mortgage Insurance Premium from 1.75% to 2.25%. In 2008, the UFMIP was raised to 1.75% from 1.50%. 2. Riskier borrowers will be required to make larger down payments – increase from
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