This update from Mortgagee Letter 2010-24 contains changes to the new maximum CLTV limits for refinance transactions, which will be effective for case numbers assigned on or after September 7, 2010.

The combined amount of the FHA-insured first mortgage and any subordinate lien may not exceed the applicable FHA LTV AND the geographical maximum mortgage amount (does not apply to streamline refinance transactions).

Here are the 4 Maximum CLTVs for Refinance Transactions that you need to know about:

Rate and Term (or No Cash Out) Refinances = 97.75%

Refinances for Borrowers in Negative Equity Positions* = 115%

FHA-to-FHA Streamline Refinances With or Without Appraisals = 125%

Cash-out Refinances = 85%

via LoanToolbox.com – FHA#FHA#FHA#FHA.

Let me know if you have any questions.

Matt Steinmetz

Envoy Mortgage

Located in Contra Costa County in Concord, CA

Once Obama sings it, this bill will allow FHA to raise it’s annual premiums from .55% to 1.55%.  The idea is that FHA, being the crutch of our housing recovery, can better position itself and rebuild reserves.  The idea is that FHA will lower its upfront premium, which went up from 1.75% to 2.25%, and raise it’s annual premium (paid monthly) as needed.  Whether or not FHA raises it partially or all the way to 1.55% is what we wait for.

Thank you,

Matt Steinmetz

NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.  

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Check out the new website by Fannie Mae.  Comment here and let me know what you think.

Matt Steinmetz

Envoy Mortgage

Concord, CA

Contra Costa County

We are interested in hiring experienced loan officers with a current pipeline/book of business.  Envoy Mortgage is also interested in complete branches or mangers looking to bring on their office. 

Envoy Mortgage is known for it’s speed and technology.  For more information you can contact me and visit these links.

www.envoyca.com

www.envoymortgage.com

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.  
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Envoy Mortgage offers a wide range of products and is known for it’s ability to close fast.  With mortgage rates a record lows, we are happy to assist you with your home purchase or refinance.  First Time Buyer’s can take advantage of city or county down payment assistance programs.  Call us today!

Join the team!

Thank you,
Matt Steinmetz

Envoy Mortgage -Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

Apply for a loan online

 FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficent Mortgages

NMLS#221315

By a very strong bipartisan vote of 406 – 4 the House passed H.R. 5072, the “FHA Reform Act of 2010″. This bill, sponsored by Rep. Waters (D-CA) and Capito (R-WV) strengthens the FHA mortgage insurance program while keeping the program affordable and available for responsible homeowners. The bill will allow FHA to increase the annual (monthly) premium. This is a victory for homebuyers. In February, FHA increased the upfront premium from 1.75% to 2.25%. With this new authority, HUD will DECREASE the upfront premium to 1% and increase the annual premium from .55% to .85%. This will reduce the upfront burden on homeowners while most quickly restoring FHA’s reserves to the congressionally mandated level. The bill also included an amendment to increase the FHA multifamily loan limits in multi-story (elevator) buildings. The House defeated amendments to raise the FHA downpayment requirement, decrease the loan limits, and cap the market share for FHA. The NAR-supported bill now moves to the Senate.

Thank you,

Matt Steinmetz
NMLS#221315
Envoy Mortgage -Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine 

2151-A2 Salvio St
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

Come by and see our new office, meet our staff and learn a little about Envoy Mortgage. We will have hors d’oeuvres, drinks and will be raffling off prizes every 20 minutes. A ribbon cutting ceremony will commence at 4pm.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.

2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119
Fax 925-940-9639

msteinmetz@envoymtg.com

Visit my blog for my most recent mortgage related update.

Follow me on Twitter
Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

www.envoyca.com

Fannie Mae will start to require lenders to pull an updated credit report befor ethe loan closes.  Thi swill show if you have any new debt since you applied for the loan.  Typically as long as your credit report was younger than 90 days lender would not pull a new report.  that changes next month for Fannie Mae loans.

Thank you,

Matt Steinmetz

NMLS# 221315

 Envoy Mortgage - Hiring experienced Loan Originators, Ask me more.  

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

Fax 925-940-9639

Visit  my blog  for my most recent mortgage related update.

 Follow me on Twitter 

 Apply for a loan online 

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

 Envoy Expands Underwriting Dept. into CA 

Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a pre foreclosure event (pre foreclosure sale, short sale, or deed-in-lieu of foreclosure).

The “waiting period” – the amount of time that must elapse after the pre foreclosure event – is changing and may be dependent on the LTV (loan to value) ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.

In the past a borrower would have to wait 4 years after a deed in lieu of foreclosure to get a Fannie Mae loan.  Now with 20% down that time frame is 2 years, otherwise it’s still 4 years and capped at 90% LTV.

Pre foreclosure sales and short sales are 2 years, with the same LTV restrictions.

Extenuating circumstances may allow a borrower to get a loan up to 90% after just 2 years.

Borrowers must show they have re-established credit and show good payment history and good fico scores.

After a foreclosure borrowers still have to wait 5 years to buy again under Fannie Mae, but FHA is 3 years and VA is 2.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.

2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter
Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Still to come are the possible changes to the allowable amount of seller credits, form 6% to 3%, and the possible change from allowing 3.5% down to 5% down payment.

As for rates, they have gone up about .25% in the last few days and today is no different.  The market is already looking like we’ll have a reprice for the worse.  As you know from my previous posts, the Feds have stopped buying MBS or mortgage backed securities.  This leaves a lot of supply on the market and with out demand, rates will have to go up to entice investors into the market place.

Last Friday also saw the best jobs report in 3 years and the stock market is reacting positively to that today, as it was closed on Friday.

Feel free to comment or share with anyone you know.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter
Learn When to Pay Points
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages * HomePath * Flips