MGIC Relaxes Requirements
The
For residential loans secured by second homes, Go! Loans can have a loan-to-value, or a combined-LTV ratio as high as 90 percent.
The updates, which were outlined in
On non-Go! Loans, the minimum credit score has been cut to 680 from 700 on loans with 97 percent LTV ratios.
MGIC lowered the minimum credit score for transactions involving gifts to 720 from 740.
The mortgage insurer is increasing its maximum loan amount to
MGIC said it will make loans in excess of
Second-home financing will now go to
An MI Underwrite/Full-Doc Review will no longer be required on investment properties, and delegated submission will be allowed.
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