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mortgage updates: FHA Changes Cash-out Refi Guidelines - 03/17/09 12:52 PM
This update from FHA Letter 2009-08 establishes temporary cash-out refi guidelines.
Here are the 9 things you need to know about these changes:
1. This is a temporary change, and effective as of April 1st, 2009 (No, it's not a joke).
2. When adding a simultaneous 2nd lien, there will be a max CLTV of 85%.
3. Existing 2nd liens can be re-subordinated with no max CLTV.
4. When existing 2nd liens are modified to accommodate the new 1st, there is no max CLTV.
5. Must have 12 months seasoning as primary residence to get max cash-out … (0 comments)

mortgage updates: Changing The Rules - Mortgages and The World Series - 01/21/09 10:26 AM
I came into the office this morning to find the latest email notifying me of guideline changes.  In the current mortgage environment, this is a daily occurrence.  Often, we are notified ahead of time regarding changes and loans in progress get grandfathered into the previous guidelines.  Other times changes take place instantaneously with little to no warning.
As I was sipping my morning Casciano's coffee, I was pondering the best way to explain to a customer that the rules changed and we need to make some adjustments.  This is always an issue I fret over as I am not the bait … (0 comments)

 

Karl Peidl - Accredited Loan Consultant

Moorestown, NJ

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Address: 305 Harper Drive, Suite 3, Burlington County, New Jersey, Moorestown, NJ, 08057

Office Phone: (856) 252-1200 x 1224

Cell Phone: (609) 254-6687

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