March 1, 2011
Many changes to FHA refinancing programs were announced in FHA Mortgagee Letter 2011-11, including alterations to the rules for FHA cash-out refinancing loans.
FHA mortgagee letters, which are intended for approved borrowers and FHA lenders alike, routinely update rules and regulations when changes are made–these announcements are an important resource for FHA borrowers and it’s definitely a good idea to keep up with them if you’re interested in getting a new FHA loan or refinancing an existing one.
In previous blog posts, we’ve discussed the changes FHA Mortgagee Letter 2011-11 announced as “effective immediately”, including an important clarification on the requirement for borrowers to be current on their FHA mortgages when applying for any kind of FHA refinancing. According to the FHA, “Mortgagors must be current on the mortgage being
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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