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FHA Reduces Maximum Loan-to-Value and Combined Loan-to-Value Percentages for Cash-Out Refinance Mortgages

FHA issued Mortgagee Letter 2019-11, reducing the maximum loan-to-value (LTV) and combined loan-to-value (CLTV) percentages for cash-out refinance mortgages. Per the Mortgagee Letter, the maximum LTV and CLTV percentages for a cash-out refinance is now 80% (rather than 85%) of the “adjusted value”. The reduced percentages apply to case numbers assigned to FHA on or after September 1, 2019.

Click Here to View the FHA Mortgagee Letter 2019-11

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