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bgmancini
29 Posts |
 Posted - 07/25/2008 : 2:34:39 PM
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I'm looking at the New Guidelines from 7/14 and it has a section on Clarfication on Cash-out: It discusses the 12 month ownership and no more non-occ co-borr for cash-out but..
Can we still do 85%, 1 mortgage late cash-out? |
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EquitySmart
1240 Posts |
Posted - 07/25/2008 : 2:37:16 PM
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| Yes (subject to underwriting approval of course). There is technically no limit to the number of mortgage lates to get approval for rate/term refinance or 85% LTV cashout. You are only able to get higher than 85% cashout if no mortgage lates in the last 12 months (and not currently in bankruptcy). If you have more than 2x30 or 1x60 mortgage lates in the past 12 months, TOTAL scorecard will always REFER the loan for manual underwriting, but the loan can still (theoretically) be approved by UW with enough compensating factors. |
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bgmancini
29 Posts |
Posted - 07/25/2008 : 2:42:46 PM
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| Thanks Equity, I thought so.. I have read and read the new DU 7.0 and FHA mortgagee letters so many times I think I've unlearned it again! |
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