In 2010 the only 100 % mortgage option is the VA mortgage that requires zero
down on purchase loans and no equity on VA refinancing.
Venture - capital investment into the sector fell 75 % from $ 3.2 billion raised in 2015, and money managers
cooled on purchasing loans the companies made, forcing them to scale back.
The VA charges a mandatory Funding Fee of 2.15 percent for regular military and 2.4 percent for Reserves /
Guard on purchase loans.
Mortgage
interest on purchase loans is still deductible under tax reform up to $ 750,000, but the deduction for interest on home equity loans becomes nondeductible once 2018 begins.
On purchase loans specifically, about 33 percent of buyers had FICO scores in the 750 to 799 range, 24 percent had scores between 700 and 749 and 20 percent have scores of 650 to 699.
This activity represents a «shift» from the past four years, said Olick, when the 20 percent down
payment on purchase loans had been standard.
Performed loan servicing
audits on all purchased loans that ensured proper transference of information from prior servicer and accuracy of loan boarding data.
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These loans will require private mortgage insurance or other risk sharing, as is
required on purchase loans acquired by the company with greater than 80 % LTV.
Male Millennial buyers also had higher FICO scores than female buyers in October, averaging about 726
on purchase loans.
On refinance loans, it decreased by nine days (to 41), and
on purchase loans, it dropped two (to 46).