NEW FHA Guidelines for Condos and Cash-out Refinance. FHA Cashout Refinance Changes Effective September 1st, 2019
NEW FHA Guidelines for Condos and Cash-out Refinance video duration 1 Minute(s) 43 Second(s), published by Josh McPherson on 26 08 2019 - 20:02:49.
New FHA Condominium & Refi Guidelines The FHA announced earlier this month (August 2019) some significant changes to guidelines for Condo purchases Refinance Home Loan https://icompareloan.com/refinance Remember to refinance your housing loan when it comes within 4 months of lock in period.
Videos to help with MOrtgage related questions: The Mortgage Update YouTube Channel link: APPLY NOW Do you need to lower your rent? Pay off your loan faster? Get a low rate for the life of your loan? Or maybe you want to use your equity to manage debt better, If you're watching this video, please LIKE, and SUBSCRIBE to my Channel for more industry-exclusive Expert Mortgage & Financial Tips! I publish new videos .
New FHA Condominium & Refi Guidelines
The FHA announced earlier this month (August 2019) some significant changes to guidelines for Condo purchases and Cash out refinances.
The new condo approval guidelines take effect October 15th 2019. Previously in order to qualify for an FHA loan for a condo purchase, the entire development had to be FHA approved.
• Now the FHA will allow a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
• Extends the recertification requirement for approved condominium projects from two to three years;
• Allows more mixed-use projects to be eligible for FHA financing.
Single-Unit Approvals
• The individual condominium unit must located in a completed project that is not currently FHA approved;
• For condominium developments with 10 or more units, no more than 10 percent of individual condo units can be FHA-insured; and projects with fewer than 10 units may have no more than two FHA-insured units.
FHA Cash-out Refinance Guidelines
Also this month the FHA announced it will lower its maximum loan-to-value requirements for cash-out refinance transactions from 85% to 80%. This policy change will take effect on Sept. 1 2019
If you have any questions about these new guidelines, purchasing or refinancing a home, please reach out. Have a great day!
Josh McPherson - Senior Loan Officer American Home Mortgage Group
NMLS# 1635609
www.floridamortgagedude.com
#floridamortgagedude #fha
Other Video about NEW FHA Guidelines for Condos and Cash-out Refinance:
Mortgage Experts: Home Refi Cottonwood
Do you need to lower your rent? Pay off your loan faster? Get a low rate for the life of your loan? Or maybe you want to use your equity to manage debt better, .
FHA Cashout Refinance Changes Effective September 1st, 2019
If you're watching this video, please LIKE, and SUBSCRIBE to my Channel for more industry-exclusive Expert Mortgage & Financial Tips! I publish new videos .
Refinance Home Loan - Huge Savings
Refinance Home Loan https://icompareloan.com/refinance Remember to refinance your housing loan when it comes within 4 months of lock in period.
0 Comment