Blogs WRE City Group
Last Day for FHA 95% Cash-out
Posted on March 31, 2009
Just a quick reminder that today to apply for an FHA cash-out refinance up to 95% of the value of your home. Starting tomorrow, FHA will only allow a cash-out refinance up to 85% of the value of your property. This higher loan amount is good for manufactured homes as well! Your Lender must request a case number from FHA dated BEFORE April 1, 2009!
As I have said in the past, I do believe we will see more changes to FHA's guidelines in 2009. Some Lenders have already tightened their guidelines by requiring higher scores even though FHA has not yet done so.
If you or someone you know has been considering doing a cash-out refinance with FHA, have them contact their preferred mortgage professional right away. Time is ticking!!
Denelle
