Friday, December 26, 2008

Delinquent Borrower Portion of FHA Secure Going Away Dec. 31st; Other FHA Refinancing Programs Remain.

As I anticipated in a post more than a month ago HERE, the delinquent borrower FHA Secure refinancing program is going away on December 31st. [Less than 1% of FHA refinance loans used this program anyway].

HUD finally got around to confirming this with a MS Word Dec. 19th. Mortgagee Letter (2008-41) HERE.

Another MS Word Mortgagee Letter (2008-40) HERE issued just before the announcement of the ending of the delinquent borrower FHA Secure program clarifies new calculations of maximum mortgage amounts for remaining FHA refinancing programs.

A two page MS Word table attachment to Mortgagee Letter 2008-40 HERE
provides a side by side comparison of maximum LTV's for various FHA refinancing scenarios and confirms that Conventional to FHA refinances will have a LTV limit of 97.75%

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