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Archive for the 'News and Updates' Category

Guideline Changes for FHA and VA Loans in Wisconsin and Illinois

Posted by madisonmortgage on 3rd November 2009

Guideline Changes for FHA and VA Loans in Wisconsin and Illinois FHA has recently announced changes to their guidelines including the pratical elimination of the streamline refinance program among others. Since FHA has announced these changes our lenders have now been coming out with their own guideline changes and I thought I would highlight them tonight. The [...]

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FHA Condominium Changes Now Effective December 7 2009

Posted by madisonmortgage on 21st October 2009

There are many Illinois and Wisconsin FHA condo changes on the horizon which can be read here http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-19ml.doc (Word Document). This was originally to take effect October 1, 2009 but was delayed until November 2, 2009 and has now been again delayed until December 7, 2009. FHA notice on delay in FHA condominium changes: Read the rest [...]

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2009 Rural Housing Income Limits to Increase with New Structure

Posted by madisonmortgage on 20th April 2009

  As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income [...]

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Fannie Mae Refinance Plus Program in Wisconsin

Posted by madisonmortgage on 8th April 2009

  Update 09/12/2009: Effective September 19, 2009, Fannie Mae will allow the Refi Plus program up to 125%. Visit my good friend Brian Collins’ blog post for details. ——————————————————— Effective next week our national lender announced the release of the Fannie Mae Refi Plus Program. This program was part of the Home Affordable Modification Program release that was as a result [...]

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FHA 95% Cash Out Refinance Loans are Going Away

Posted by madisonmortgage on 30th March 2009

GET YOUR CASE NUMBER’S ASSIGNED BY APRIL 1, 2009 FOR FHA CASH OUT REFINANCES! For all case numbers assigned after 4/1/09 the maximum LTV will be 85%. Per FHA: 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 [...]

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