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 When others see nothing but a
downturn in the mortgage industry,
Metrocities sees
opportunity. We understand how to grow for long-term results. With
fresh capital, cost-efficient scale, and decades of mortgage
know-how, we are building a network of lending excellence
coast-to-coast. This is the perfect blend of centralized strength
and localized entrepreneurialism and leadership.
As a mortgage banker, we can underwrite,
draw documents, fund and close loans under one roof. As a mortgage
broker, Metrocities' preferred status gives us access to additional
lending programs. Thus, one application with Jason Palliser gives
you access to thousands of loan programs ranging from 100% financing
to first-time homebuyer programs, conventional, interest-only, FHA,
VA, financing to $10 million, stated income/asset, commercial and
income properties, construction, and reverse mortgages, to name just
a few.
Below are highlights from
Fannie Mae's recent guideline changes.
Important Update from Fannie Mae!
(read entire guidelines here)
Amended LTV/CLTV Restrictions
-
Primary Residence 1-2 unit Cash-Out Refinance reduced
from 90% to 85%
-
Second Home Cash-Out Refinance reduced from 85% to 75%
-
Investment Property 1-2 unit Purchase reduced from 90%
to 85%
-
Investment Property 1-2 unit No Cash-Out Refinance
reduced from 90% to 75%
-
Investment Property 1-2 unit Cash-Out Refinance reduced
from 85% to 75%
Subject
Property Ownership Seasoning
-
Borrower must have owned the subject property for a
minimum of 6 months prior to the application date in
order to be eligible for Cash-Out Refinance (no policy
previously)
Property
Listing History
-
Properties that were listed for sale within the last 6
months of the application date are limited to 70% LTV/CLTV
for Cash-Out Refinances (65% if a manufactured home).
Evidence must be provided that the property has been
taken off of the market and the borrower confirms
his/her intent to occupy the property.
-
No Cash-Out Refinance transactions will continue to
qualify at existing LTV ratios as long as evidence is
provided that the property has been taken off of the
market and the borrower confirms his/her intent to
occupy the property.
Continuity
of Obligation Update
– For refinance transactions that do not have an acceptable
continuity of obligation, Fannie will consider it as a
cash-out refinance (not a purchase) if the following
applies:
-
No outstanding liens (e.g. purchased for cash or
property is owned free & clear)
-
If the property was purchases within 6-12 months
prior to the application date, LTV/CLTV will be
based on the lesser of the original purchase price
or the current appraised value.
-
If property was purchased more than 12 months after
the application date, LTV/CLTV will be based on the
appraised value.
-
Outstanding liens – if the borrower has been on title
for at least 6mos but continuity of obligation does not
exist, the max LTV/CLTV will be 50% based on the current
appraised value.
Multiple
Mortgages to the Same Borrower
-
For Second Home and Investment Property transactions,
the max number of financed properties for a borrower has
been reduced from 10 to 4.
-
Reminder – Agency Jumbo limit is 4 for all occupancy
types, including primary residence.
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