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cash out refinance: FHA Guideline Changes—Effective January 1, 2009—Are You Ready? - 01/01/09 05:12 PM
Home loan guidelines changed in rapid fire fashion in 2008. FHA is continuing this trend with the following guideline changes going into effect January 1, 2009.
 
Down Payment
The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click here.
 
 
Rate and Term Refinances
Quick explanation of “rate and term refinance” , new loan amount only includes existing mortgage balances being refinanced plus closing costs, prepaid expenses and any discount points.
Maximum loan to value is 97.75% of the appraised value of the property If an existing … (12 comments)

 

Jay Williams, Mortgage Loan Officer Getting You The Right Loan

Greenville, NC

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Greenville, NC

Address: 218 E. Arlington Blvd, Greenville, NC, 27858

Office Phone: (252) 493-4802

Cell Phone: (910) 527-1809

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