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FHA 95% Cash Out Refinance Loans are Going Away

Posted by madisonmortgage on March 30th, 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 being instituted on a temporary basis while FHA further analyzes the housing and mortgage industry as well as its own portfolio to determine whether permanent measures should be taken.

If you are interested in a 95% FHA cash out refinance, contact me and we can get an FHA case number assigned to your propery. As a reminder two appraisals will still be required for all cash out refinances over 85% and with case numbers assigned on or before 04/01/2009.

Your local Wisconsin and Illinois FHA mortgage banker:

Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

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This entry was posted on Monday, March 30th, 2009 at 8:27 pm and is filed under FHA Loans, News and Updates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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