27 Oct 2008
Price adjustments
All Conforming Products:
2 unit Properties: 1.000 pt.
FHA Products:
Conventional to FHA refi: 0.125 pt.
Energy Efficient Mortgage: 0.500 pt.
6199 ($100 Down HUD Repo): 0.250 pt.
Guideline Changes
VA ARM’s are back — up to $417,000
Jumbo VA’s released today:
- 6197 VA Jumbo Purchase, Min FICO 620
- 6198 VA Jumbo Cash-Out Refi, Min FICO 660 – 30 year fixed product only. Loan amount is determined by HUD County Loan Limits. Guides will be available by Wednesday
FHA $100 down HUD Repo (6199) – to be released Wednesday. Must be an FHA HUD repo and the HUD contract has to specify that the borrower is eligible for the $100 down option. Owner occupied only, not purchased HUD home in last 24 months. Can recieve a $1,000 price allowance with a full price offer.
Conforming to FHA refinance – use the FHA Secure only if borrower is currently delinquent. Can do a regular FHA refinance if borrower is current.
Energy Efficient Mortgage – Must be marked in the Additional Subject Property Info tab (new) on the loan application so the correct pricing comes in. Should be available by Wednesday.