Fannie Mae has issued the following Announcement: Announcement 09-08, Temporary High-Cost Area Loan Limits and Revised Eligibility Requirements for High-Balance Mortgage Loans

By
Mortgage and Lending with John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. NMLS# 211187

Fannie Mae has issued the following Announcement:

•·                         Announcement 09-08, Temporary High-Cost Area Loan Limits and Revised Eligibility Requirements for High-Balance Mortgage Loans

Effective May 1, 2009, Fannie Mae will accept for delivery loans originated in 2009 using the higher of the current permanent high-cost loan limits, or the temporary loan limits that were in place for loans originated in 2008 that were applicable to jumbo-conforming mortgage loans.

In addition, new eligibility requirements will apply to high-balance loans, including:

•·                         Revised loan to value ratios for certain loan types

•·                         New minimum credit score requirements

•·                         Additional appraisal requirements

Refi PlusTM options (manual underwriting or Desktop Underwriter® [DU®]) are eligible for the high-balance loan feature, including those using the temporary high-cost limits. Eligibility requirements specific to Refi Plus supersede all requirements that apply to high-balance mortgage loans.

High-balance loans may be underwritten manually or in DU. (For DU, lenders must manually apply the temporary high-cost area loan limits and eligibility requirements until DU is updated in a future release.)

For a summary of key eligibility, underwriting, pricing, committing, and delivery requirements, see the new High-Balance Feature Matrix on eFannieMae.com.

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Anonymous
michael
Yes but banks are not acting on that news. other then fha banks are not taking applications at conforming mortgage rates even though the 2009 limites have officially been released. Supposedly they want "more" clarification and guidelines before taking applications at 729750.
Apr 13, 2009 08:07 PM #1
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John F Tuggle

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