Today Countrywide Mortgage, the largest lender in the United States annouced that it will no longer lend with no money down on their "BC", the division that handles lower credit scores. Countrywide is the largest lender out there, not just in the amount of loans they originate, but also in the number of loans they are the investor on. I don't know the exact number but I believe something like 40% of the loans in the US are tied to them in some way. This is really huge news. I don't really have much else to say, other than if you plan on buying a home with 0 down, you better start fixing your credit if you are currently below a 680 FICO Score.
Here is the article...
http://money.cnn.co m/2007/03/09/real_estate/countrywide.reu t/index.htm?postversion=2007030917
Real Estate Agents****if you are about to submit an offer, make sure you have your clients pre-approval validated with the broker or lender that it will comply with the todays 100% financing standards.
If you need advice on what to do in your situation, I will be available all weekend at 650-465-5846. Don't hesitate to call if you need me.
Have a great weekend!
Tags: 100% Financing, no money down, countrywide, submit offer
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