Once again PC Bank has received a five star rating from Bauer Financial Inc! Click on the Stars to read the report!
BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983.
No institution pays for its rating, nor can they elude it!
BauerFinancial Recommends All Five-Star and Four-Star Institutions "Because peace of mind matters"
PC Bank has been recommended for 22 consecutive months!
In an effort to keep you updated on the most recent changes to our industry, here is a brief highlight some of the most recent changes:
Changes upfront Mortgage Insurance Premium for all FHA case numbers issued after 10/1/08 and requires First Time Home Buyers to take a HUD Approved Pre-Purchase class to get a reduced up front premium PRIOR to signing a purchase agreement. Follow the provided link to a list of the HUD Approved Housing Counseling Agencies for First Time Home Buyers. NOTE: Even if the First Time Home Buyer attends a group session or homebuyer education class that covers the topics required by HUD, they do not meet the level of one-on-one counseling needed to receive the reduced mortgage insurance premium. Changes the minimum down payment to 3.5% not including borrower's portion of closing costs. This is set to change effective October 1st, but with loans already in process, will be effective with FHA case numbers issued January 1, 2009. Closing costs may not be used to help meet the minimum 3.5% downpayment requirement. Closing costs are not considered in the mortgage amount/downpayment calculation for purchase money mortgages. For purchase money mortgages, the LTV is 96.5 percent. When combined with the FHA first mortgage, government subordinate liens are not limited to 100 percent. The CLTV can exceed 100 percent of the appraised value. Sellers are still permitted to provide financing concessions up to 6 percent of the sales price.
Changes upfront Mortgage Insurance Premium for all FHA case numbers issued after 10/1/08 and requires First Time Home Buyers to take a HUD Approved Pre-Purchase class to get a reduced up front premium PRIOR to signing a purchase agreement.
Follow the provided link to a list of the HUD Approved Housing Counseling Agencies for First Time Home Buyers. NOTE: Even if the First Time Home Buyer attends a group session or homebuyer education class that covers the topics required by HUD, they do not meet the level of one-on-one counseling needed to receive the reduced mortgage insurance premium.
Changes the minimum down payment to 3.5% not including borrower's portion of closing costs. This is set to change effective October 1st, but with loans already in process, will be effective with FHA case numbers issued January 1, 2009.
Closing costs may not be used to help meet the minimum 3.5% downpayment requirement. Closing costs are not considered in the mortgage amount/downpayment calculation for purchase money mortgages.
For purchase money mortgages, the LTV is 96.5 percent.
When combined with the FHA first mortgage, government subordinate liens are not limited to 100 percent. The CLTV can exceed 100 percent of the appraised value.
Sellers are still permitted to provide financing concessions up to 6 percent of the sales price.
As your trusted loan advisor I am always available to you should you have questions regarding any loan program or financing alternatives.
Make it a great day!
Shawn Anderson
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