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.
Cyndee Haydon is a Waterfront Real Estate Specialist and Broker Associate (BK3142780) with over 20 years of full-time experience in Pinellas County Gulf Beach communities. She has helped more than 450 buyers and sellers and closed over $230M in waterfront homes, beach condos, and short-term rental properties across Clearwater Beach, Belleair Beach, Indian Rocks Beach, Indian Shores, Redington Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island, and St. Pete Beach. Cyndee specializes in waterfront and short-term rental “going concern” sales, with more than 90 STR transactions, and brings deep experience with1031 exchanges, flood zones, insurance exposure, permitted use, and regulations that directly affect value and long-term ownership. She holds the CLHMS, RSPS, and CRS designations.