Countrywide rate sheet - What a difference a month makes!

[effenheimer_IHB]

<p>Looking at the CWBC July 2 vs their current rate sheet:</p>



Rates are up 60-80bp all across the sheet.

2/28's are gone and have been replaced with 5/25's.

They were doing 90% stated down to 580, now it's 600.

They were doing 80% stated down to 500, now it's 580.

100% full-doc fixed is still available down to 640, but the rate is 12.25% (!)

Some additional minor tightening on the full doc side.

>

<p>We've come a LONG way in the last six months, but this still looks awfully loose. </p>

 

[graphrix_IHB]

<p>Argent is pretty much the same except for the 100% is gone period. </p>

<p>First time homebuyers need a 620 FICO for 90% otherwise they need 15% down. If they need to lie I mean state their income they need a 640 FICO and 15% down and if they don't have 640 they need 25% down.</p>

<p>But hey they have option arms now and combined with a HELOC they can provide for the future. Of course you have to qualify at the fully amortized rate at the max balance of 115%. That would mean with their 50% debt ratio and a $500k loan with modest consumer debt you would need to make $120k. Who cares though when your minimum mortgage payment is $1920 and month and the reality qualifing payment is $4120.</p>

 

[vtech22a_IHB]

Long live the option arms. With the current market conditions, it just killed the product.

 

[lendingmaestro_IHB]

check out my post titled... MOST IMPORTANT PORT EVER





death is coming