Say goodbye to 100% stated income financing

Yesterday lenders across the board announced the end of 100% stated income programs. The change was included any loans in process that have not yet locked their rates. Many borrowers currently in the process will be given the bad news and will have to adjust to 95% maximums.

This comes as no surprise. Since the beginning of the year lenders have been making these type of adjustments and if the market continues southward we could see more of it.

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