Mortgage Insurance Changing for Investors

Courtesy of my friend Kim Pace at Sunshine Mortgage in Atlanta...

"Just to give you a heads up of what is coming July 14th with ONE of the larger Mortgage Insurance companies. This might be a sign that the rest will follow and I know how nobody likes to get caught with a major surprise.

Full Documentation Prime (A)

• Investment properties are no longer eligible for mortgage insurance.

This becomes effective July 14th. So if you have any investors that are looking at property you might to share this information with them.

This means borrowers (investors) will either have to put down 20% or arrange financing for 10%. This is not the only MI company but it is a big one."

Thanks, Kim!