DECLINING MARKETs AND FANNIE MAE
Call me at 617.470.8085 to see if YOU are in a decling market
A NEW YEAR AND A NEW MARKET
Maximum Financing in Declining Markets:
Fannie Mae Announcement 07-22
Marianne E. Sullivan, Sr. VP of Fannie Mae's Single-Family Credit Polity and Risk Management division, issued a Selling Guide Announcement 07-22 on December 5, 2007.
"Current home price trends indicate that home values continue to decline in many markets across the country. As a result, and based on our continued monitoring of loan performance, Fannie Mae is reinstating a policy to restrict the maximum loan-to- value (LTV) ratio and combined loan-to-value (CLTV) ratio for properties located within a declining market to five percentage points less than the maximum permitted for the selected mortgage product."
Effective November 12, 2007 for new loans, when a property is identified as being located in a declining market, a 5% LTV/CLTV reduction is required from the maximum financing allowed per the applicable loan program. In addition, the appraiser must provide three comparable sales that have closed within the last six months to support the property value. This policy update is applicable to all conventional conforming and jumbo loans, including Home Equity Lines of Credit and Closed End Seconds only. FHA and VA products are excluded from this new policy.
Many Massachusetts communities have been included
in this policy effective 1-11- 2008
Example for how LTV may be impacted:
Example 1 - Purchase transaction of a primary residence at a 100% LTV/CLTV, which is also at the maximum allowable LTV for the selected product. If the subject property is identified as being located in a declining market, the maximum financing would be restricted to a 95% LTV/CLTV.
Example 2 - Purchase transaction of an investment property at a 72% LTV and selected product allows for a maximum LTV/CLTV of 75%. If the subject property is identified as being located in a declining market, the maximum financing would be restricted to a 70% LTV/CLTV.
The subject property will be identified as being located in a declining market if any of the following criteria apply:
· The Appraiser identifies the property as being located in a declining market.
· The automated underwriting system identifies the property as being located in an area of declining home values.
· The property is identified as being located in a declining market via the Declining Market Indicator tool internally at Century 21 Mortgage.
CALL ME FOR INFORMATION ON ANY PARTICULAR TOWN 617.470.8085 or email me al.gutterman@commonmoves.com
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