THE NEW SYSTEM WILL DRAMATICALY DECREASE DEPOSITS INTO THE MIP INSURANCE FUND! No, really, it's true.
The seller credit is reduced from 6% to 3% & The MIP is going up to 2.25%.
OK, so now that the new Good Faith Estimate (GFE) is "in use" those damn lenders are going to have to give us accurate estimates, right? Well… er… no.
You would have to be living in a cave to not notice that the mortgage industry is in turmoil. At lease that’s what it seems if you read the papers or watch the news. If you didn’t know better you would be under the impression that it’s almost impossible to get financing for a home, [...]