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fitzpatrick
274 Posts |
 Posted - 11/05/2007 : 11:13:52 AM
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| Can you go to 97% rate and term going from conv to fha? |
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SergioLenza
30 Posts |
Posted - 11/05/2007 : 11:25:36 AM
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quote:
Originally posted by fitzpatrick
Can you go to 97% rate and term going from conv to fha?
Yes you can. You can technically go up to 97.75% for a rate and term refi, depending on what state you are in.
FHA breaks the states down into 2 categories, Low Closing Cost and High Closing Cost states.
The low closing cost states are:
Arizona, Claifornia, Colorado, Guam, Idaho, Iliinois, Indiana, New Mexico, Nevada, Oregon, Utah, Virgin Islands, Washington, Wisconsin, Wyoming.
This means that your maximum LTV in these states are 97.15%. All the rest are up to 97.75% |
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velecico
5309 Posts |
Posted - 11/05/2007 : 11:33:50 AM
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thats is not correct , although you are close to the LTVs limits , you still have to use the arcaic and ancient FHA maximum loan calculations |
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SergioLenza
30 Posts |
Posted - 11/05/2007 : 11:39:15 AM
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quote:
Originally posted by velecico
thats is not correct , although you are close to the LTVs limits , you still have to use the arcaic and ancient FHA maximum loan calculations
I'm an underwriter, and I haven't used them in 3 years |
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Perfect Fha
516 Posts |
Posted - 11/05/2007 : 11:39:33 AM
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Call me to discuss scenario.
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