Week of 5 Jan 09
Price Adjustments
Super Conforming – Fixed & ARM programs (6185, 6186, 6187, 6188):
- Price adjustments for these programs are now the same as the adjustments for the standard conforming loan programs.
- Cashout Refinance adjustment is 1.00 pt. (this is in addition to the standard cashout refinance adjustment
- ARM’s only – if the LTV/CLTV is greater than 75%, an adjustment of .75 pt. is applicable.
Programs Released
Our USDA Program release date has been targeted to be January 12, 2009.
Program Changes
All FHA Loan Programs with Case dates assigned on or after January 1, 2009
- Max LTV on Rate and Term Refinance and FHA Streamline with Appraisal is 97.75%.
- Max LTV on FHA Streamline without Appraisal is still the same.
- Max LTV on Cash Out Refinance is still 95% and 85% depending on the loan program.
- Max LTV on Purchase is 96.5%.
A second appraisal is required on any Cash Out Refinance transaction greater than 85% LTV.
FHA High Balance
Loan Amounts Updated
Loan Program Numbers still the same
Foreclosure and Bankruptcy not allowed on Cash Out Refinance
All other guidelines remain the same
Super Conforming
Loan Amounts Updated
Loan Program Numbers still the same
Max Cash Out is $200,000 on a 1 unit property and $100,000 on 2-4 units.
All other guidelines remain the same.
New Program Releases
6206 FHA Streamline with Appraisal has been released.