What is happening today in mortgage lending:
I was reviewing articles this morning and decided there are a few things that you should know that are not in any recent article.
1-All FHA loans that case number is ordered on or after Jan 1, 2009 the down payment requirement is now 3.5 for purchase transactions.
2-FHA Cash out refinances will now require two apprisals if ltv is over 85%
3-Rate and Term Refiances can now be 97.75% LTV plus the upfront MIP
4-Mtg Letter 08-40 now requires a borrower doing a cash out refinancing must have occupied the home for 12 months or more.
5-Mtg Leter 08-40 now requies a borrower doing a cash out refinancing must not have any lates in the last 12 months
4-Remember when doing a streamline refinance without an apprisal YOUR BASE LOAN AMOUNT CAN NOT EXCEED YOUR PREVIOUS LOAN AMOUNT (example if your old loan amount including MI was 101,500 your new base loan amount is 101,500 )
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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