Last Call for FHA cash out refinances

If you're in want of a cash out refinance, the most liberal cash-out program in town is about to make qualification more difficult.
Effective April 1, 2009, the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of the home's value to 85%.
In its official press release, the FHA days it's making the change to "limit its exposure to undue risk".
It also lists the following cash-out requirements:
With less than 12 months since the purchase date, a home's value cannot exceed its original purchase price -- even if home improvements were made.
A homeowner must be current on his mortgage payments to qualify
A second, verifying appraisal may be necessary, depending on loan traits
Co-signers may not be added to the 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.
after April 1st, the highest Loan to Value for any refinance will be 85%. FHA loans are for loan amounts up to $303,750 in the Charlotte Area. If you think you could benefit from a refinace to get some cash to pay off other debts, buy a second home, or other reasons, please call us at 704-541-1171 or visit www.Piedmont-Mortgage.com.