Week Beginning 6/2/2008
Price adjustments
The following price adjustments will be eliminated effective 6/4/08
For all conventional programs
If the loan is in an adverse market – then the 0.375 adjustment currently applied in the following scenarios will no longer apply:
- >90% LTV for Primary, Purchases and Rate and Term refinance
- >80% LTV for Investment Properties, Cash Out Refinances
- >80% LTV or >90% CLTV for Conventional Interest Only (6087, 6090, 6092, 6161)
- >80% LTV for Interest Only on the 6185, 6186, 6187, 6188.
Loan Program Updates
6120: 5 years since foreclosure and no 60, 90 120 day lates
6183: Stated doc is gone
6138 & 6140 (effective June 5):
- No condos >95% LTV
- No 2nd homes
- No investment properties
- No loans with secondary financing
FreddieMac will be limiting all LTV’s to 95%