EVERYONE is waiting for these guidelines to refinance their properties that have no more equity left, or cannot meet the regular 80 prercent loan to value requirements that most lenders have.
Here are the new 105% refinancing guidelines:
Eligible Transactions: Rate and term refinance only, no cash allowed. Loan must be delivered to Fannie Mae prior to March 01, 2009.
Go to http://loanlookup.fanniemae.com/loanlookup/ to see if you have a Fannie Mae loan.
Credit Overlay: 620 minimum FICO
No Mortgage lates within the past 12 months
Bankruptcy: 48 months since discharged
Foreclosure: 84 months since discharged
Max DTI: 55 percent (debt to income ratio)
Subordinate Financing: New Subordinate financing and payoff of existing subordinate financing with loan proceeds is not allowed. Payoff of existing subordinate liens from the borrower’s own funds is allowed.
Occupancy: Owner Occupied, Second home and investment properties allowed.
Income Documentation: Salary/Bonus/Overtime: One current paystub and verbal Verification wick be accepted, for Self employed: One years Fed Taxes required.
Additional FNMA Restrictions: Refi Plus loans must provide a benefit to the borrower in the form of a reduced P&I payment or more stable program.
Properties listed for sale within the last six months are ineligible.
Loan Limit: $ 417,000.
This might be your ticket to get better financing if you are hanging on to your mortgage payments. There will be price adjustments based on your loan to value and credit scores.
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Call Ken Go of 1st Innovative Finance Group to give you a quote, call (888) 822-5363 or write to: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
( Published on April 29, 2009 in Asian Journal Los Angeles p. B3 )
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