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mgraham224
1008 Posts |
 Posted - 05/22/2008 : 3:45:20 PM
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OK all you Agency guideline gurus...
Need to know if 100% Max CLTV guideline on Fannie Freddie, Owner occ, rate and term REFI's applies if the CLTV is created by a resubordinated 2nd that WAS NOT used as purchase money.
I'm assuming it does since the new refinance should be rate and term since no new cash is being taken out. |
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nowbroker
1491 Posts |
Posted - 05/22/2008 : 9:05:06 PM
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I believe the new FNMA guidelines only allow a max 95% cltv unless it is a community 2nd, as per FNMA announcement 08-08 dated 3.31.2008
I agree, if it is a existing subordinated debt, it would fall under the cltv for that program. |
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