If you aren't already on this bandwagon, better get tied in. The EEM has been a great product for a long time but very under utilized. It can save your deal. We have used it a few times to save deals that would have otherwise died on the vine... It can allow your borrower to qualify for more money and even exceed the "maximum mortgage amount" set by HUD on a 203k when you piggyback an EEM. We are now facilitators for the EEM program, watch our web site in the next few days to see the changes that are coming down the pike.
In CA right now you are having to get multiple bids and you loose them all the time to higher bidders. Wow, why not use the 110% of the "after improved" value appraisal and top it off with an EEM which will give you another $8000 in bidding power? All this on top of the "all time high" loan limits, ... we have a winner