Clearwater Florida Home Owners – Act Fast on FHA Refinancing – No fooling

Clearwater Florida – If you own a home in Clearwater and want to do  a cash out refinance using and FHA loan, think again, the most liberal cash-out program in town is about to make Tampa mortgage qualification more difficult.

Effective April 1, 2009, (yes I know it’s April Fools but this is no joke) the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of your Clearwater home‘s value to 85%.

In its official press release, the FHA says it’s making the change to “limit its exposure to undue risk”.

It also lists the following Clearwater home owner cash-out requirements:

  • With less than 12 months since the purchase date, your home’s value cannot exceed its original purchase price — even if home improvements were made.
  • A Clearwater home owner must be current on their mortgage payments to qualify
  • A second, verifying appraisal may be necessary, depending on loan traits
  • Co-signers may not be added to the FHA mortgage note in order to qualify

The last day to register a FHA 95% cash out refinance is Tuesday, March 31, 2009. The loan does not need to be “locked” — only registered.

So, if you know that a 95% cash out FHA refinance is in your future, talk to your Tampa home loan officer before Wednesday morning about registration. If you need to know the name of a good Tampa mortgage professional or two – just call or email me and I can help you out.

Buying a Home in Clearwater Florida – We can help

If you have been thinking about buying a home or condo now is a great time to buy in home in Clearwater

Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..

Call Us Today at (727) 710-8036 to hear more about how we can help you!

Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.

Facebooktwittergoogle_plusredditpinterestlinkedinmail
View All Clearwater Florida Posts

2 Comments

Leave a Reply

Your email address will not be published.