FHA has changed the cash out refinance loan to value percentage... previously the percentage was 95%. It is now down to 85%.
What this means to you...
If you purchased a home then 1 year later took out a second mortgage to build a garage and your loan to value will be over 85% you will NOT qualify for a Refinance with FHA!
For more information about this significant change please feel free to contact me at my website: http://www.new-hampshire-home-mortgage.com
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