
Last week Wells Fargo Home Mortgage followed suit, and pulled their 100% loan program from the Maricopa County market. Yesterday, U.S Bank did the same, effectively eliminating 100% financing completely.
If any lenders out there know of another option, please share in the comments below!
My guess is that these loans will come back, but not anytime soon. The banks will wait for both our real estate market, and the mortgage environment in general, to stabilize first. When these loans do come back, I expect the underwriters to be extremely cautious with their decision-making.
In the meantime, this might make FHA loans the best game in town. (and we happen to know an FHA specialist...)
Your sad to see them go Realtor,
Chris Butterworth
[tags] mortgage, FHA [/tags]