Can someone answer this?

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PureJuice

3 Posts

Posted - 04/08/2008 : 5:53:02 PM

Hey everyone,

I have a deal located in Orange County CA where HUD has recently increased the SFR loan limits to $729,750. Here is the scenario-

Rate/term
Full Doc
680 FICO
Self Employed
$450,000 Loan Amount
87% lTV

Now I know that this increase will definitely apply to FHA loan programs but wouldn't this deal qualify into a lenders conforming programs due to the HUD increase? Or does it only apply to FHA? I also know that some lenders are coming out with "agency" jumbo guidelines that I assume go after this niche but if possible my client would also like to get some cash out which would take it to 90% lTV. Now I know jumbo cash out past 80% ltv is nowhere to be found so does anyone know which lenders are following the HUD increase in their conforming portfolios? Any input would be great help. Thanks

www.johnreiher.c

503 Posts

Posted - 04/08/2008 : 6:11:45 PM

I can help you out on FHA.
FHA jumbo cash out limited to 85%, I can do R&T up to 95%
Rates: 6.25% par, 6.75% <.5>
30 year fixed, 0 prepay

KHufford

5922 Posts

Posted - 04/08/2008 : 6:13:29 PM

quote:
Originally posted by www.johnreiher.com

I can help you out on FHA.
FHA jumbo cash out limited to 85%, I can do R&T up to 95%
Rates: 6.25% par, 6.75% <.5>
30 year fixed, 0 prepay

SPAM

ehm3

978 Posts

Posted - 04/08/2008 : 6:18:24 PM

IIRC the "jumbo conforming" will not apply to your deal because of LTV and maybe score. Fannie was 70LTV, don't recall min score. I heard Freddie was highre, maybe someone can confirm?

I think its FHA or nothing though.

dkendall1979

10128 Posts

Posted - 04/08/2008 : 6:31:06 PM

FHLMC - 90% Max LTV but decline 5% for the county to 85% max.

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