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.
With interest rates remaining near historic lows for the past several years, many of your friends and neighbors may have already told you that they have refinanced their home mortgages once or even a couple of times. A cash-out refinance can provide you with several important benefits, but it is not the best option for all homeowners. By learning more about what a cash-out refinance is and what the pros and cons of this type of refinance loan are, you can make a decision that is best for your current and future plans.
