fha cash out refinance: FHA Lowers Cash out to 85% Loan To Value :(
- 03/16/09 12:58 PM
The FHA plans to lower the maximum loan-to-value associated with cash-out refinances from 95 to 85%beginning April 1 2009. "Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser's estimate of value," said Brian D. Montgomery, FHA Commissioner. "Given the continued deterioration in the housing market, and FHA's need to limit its exposure to undue risk, this reduction to the maximum LTV for cash-out refinances is being instituted on a temporary basis while FHA further analyzes the housing and mortgage industry … (0 comments)
The FHA plans to lower the maximum loan-to-value associated with cash-out refinances from 95 to 85%beginning April 1 2009.;)
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