Fannie Mae, one of the institutions that buys a majority of the mortgages in America, just released updated guidelines easing down payment requirements & increasing the availability of cash-out refinances on HIGH-balance loans.
As a reminder, in LA County, High Balance Loans allow our clients to borrower up to $625,500 on a single family, up to $800,775 on a duplex, up to $967,950 on a triplex and up to $1,202,025 on a four-plex before having to deal with the complications and increased scrutiny that accompanies a jumbo loan.
Unfortunately, many lenders will NOT be adopting these direct guidelines from Fannie may. Many large banks, brokers and institutional lenders will be enacting “over-lays” that limits access to these enhanced guidelines. Lucky for you, Movement Mortgage is moving forward with all these available scenarios. If you are planning to buy a home or refinance in 2016, let me put you in touch with a solid lender.
Published with permission from Scott Groves.
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