So, if you are looking at doing a cash-out refinance anytime soon and you were wanting or need to go to 85% LTV you need to get your DU approval prior to Dec 13th, 2014.
To view and read the full 9.2 release notes visit this link Fannie Mae 9.2
The Changes in this release will apply to new loans submitted to DU on or after the weekend of December 13, 2014.
However, any loans created prior to December 13th, 2014 will still continue to be underwritten through DU Version 9.1. So get those loans in!
DU Version 9.2 will lower the maximum LTV, CLTV and HCLTV ratios for fixed-rate cash-out refinance transactions on 1-unit primary homes.
Those transactions will be subject to a maximum LTV, CLTV and HCLTV ratio of 80% instead of the current 85%.
The LTV, CLTV and HCLTV ratios for ARM loans will not be changed and they will remain at 75% for any ARM cash-out refinance transactions on 1-unit primary homes.
For more information contact your local loan officer.
Sean Young
Sean has been a Mortgage Loan Officer in the great State of Colorado for the last 26 years, a nationally recognized real estate blogger who loves teaching Social Media, Real Estate Technology, and Continuing Education classes. Sean provides weekly Real Estate Agent Tuesday Webinars that give the latest marketing strategies and tips on how to grow, build, and increase your visibility, credibility, and brand as a Real Estate Agent. Looking for a Home Loan? Sean and his team can provide you with the expertise, professionalism, and customer service that will ensure that your transaction goes smoothly.
