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The Department of Housing and Urban Development (HUD) is reducing the amount of equity that can be withdrawn from a home using either a Federal Housing Administration (FHA) or a Veterans Administration cash-out refinance. The new rules will limit the loan-to-value (LTV) ratio of FHA loans to 80 percent and VA loans to 90 percent. The FHA LTV limit for cash-out refinances is currently 85 percent. That change will apply to loans with case numbers assigned on or after September 1. The memorandum from HUD announcing the reduction says the department is taking action "to mitigate risks to the FHA Insurance Fund associated with increasing levels of insured loan balances on cash-out refinance mortgages. This new requirement is a prudent safeguard that permits FHA to ensure it stays ahead of any shift
Housing News
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The Department of Housing and Urban Development (HUD) is reducing the amount of equity that can be withdrawn from a home using either a Federal Housing Administration (FHA) or a Veterans Administration cash-out refinance. The new rules will limit the... (read more)
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Mortgage Rate Watch
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Mortgage rates fell today, but by how much depends on the lender! This runs contrary to the average news story which contains some reference to rates being flat week-over-week (due to Freddie Mac's weekly rate survey data, which unfortunately doesn't... (read more)
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Housing News
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Both of the government sponsored enterprises (GSEs) released second-quarter financial results this week. Each had, to varying degrees, better outcomes than in the first quarter of this year, but substantial losses compared to one year earlier. Freddi... (read more)
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Housing News
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Construction spending in June missed matching the May level by 1.3 percent. Total spending by both public and private sources was at a seasonally adjusted annual rate of $1.287 trillion compared to that in May at the rate of $1.303 trillion. June's c... (read more)
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MBS Commentary
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The world may never know if today's Trump tweets have anything at all to do with his stance on the Fed's fund rate, but one things for sure: they were single-handedly able to deliver another de facto rate cut. I'll explain...
The Fed cut it... (read more)
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Rob Chrisman
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Well, we sailed through another perfectly good month, and many lenders had a superb July funding month. And there is great optimism about August’s numbers as well. Veterans, however, are watching locks to see how September is going to shape up.... (read more)
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consumerfinancemonitor.com
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consumerfinancemonitor.com
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