Since last October, we have seen FHA increase the mortgage insurance premiums twice (Yes, April 18th they are going up again to 1.15%). Fannie Mae started charging all kinds of extra fees for low credit scores (if you think a 800 score is low) and high loan to values and now we see two new trial balloons floating out there. They are talking about eliminating the mortgage deduction and raising the minimum down payment for a conventional mortgage to 10%.
Now I think all would agree that housing needs to return to some semblance of normalcy for the U.S. economy to start creating jobs in quantities needed to get back close to full employment. Lost in these changes is the fact that loans for the last couple of years have been performing well. Also I have learned that the VA model (that is 100% loans) has also performed much better than expected.
So why can’t the people responsible for these types of policy changes do their homework and do the right things?
As for me and MIG, we have been doing well. That is mostly because of a great client base, longevity and the knowledge needed to survive in this market. Many others are not so lucky.
I can be reached by phone at 615-777-4663 or via email at george.margrave@migonline.com
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