Tag: maximum LTV

VA – Maximum LTV for a Rate/Term Refinance When Paying off 2 Liens

Question: What is the maximum LTV when a VA borrower wishes to pay off their first and second lien? VA Refinance Comparison Chart Answer: The transaction you’ve described is actually a VA Cash Out Refinance Type II. The maximum loan amount is 100% of the reasonable value of the property indicated on the NOV (funding fee […]

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FHA – Maximum LTV for a Simple Refinance Owned Less than 12 Months

Question: What is the maximum LTV on a simple refinance where the home has been owned for 11 months? I’m finding the guidelines for this super-confusing! FHA Max LTV – Chart Answer: You are absolutely right – the guidelines are super confusing around this particular issue. While the Simple Refinance has no stated seasoning in […]

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Fannie Mae & Freddie Mac – Second Home Multi-Unit: What is the maximum LTV for a 2-Unit purchase of a second home for both Fannie and Freddie?

Answer: It varies. If you are using their standard products, the LTV’s are limited to 85% for Fannie Mae and Freddie.  If using Freddie Mac’s Home Possible product (where there are income limitations) then the LTV is 95% and Fannie Mae’s HomeReady product still limits you to 85%. The most flexible is Freddie Mac’s Home […]

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