| Re: Can We Refinance?
The bill was approved on 2/13/2008, FHA/HUD has 30 days to meet the requirements of determining the High Cost Areas....then on top of that the markets and the guidelines for the Jumbo product have to be rolled out. I am assuming that if all goes well 45 to 60 days for the product to be rolled out and on the underwriting shelf with the markets to sell the end product/loan to. There has to be a TSA or Market to sell these buggers to, the money has to regenerate so that they can make more of them and that is one of the issues that is facing FHA and the Agency loans FNMA and FHLMC....find the markets to sell the product to as it is untested, untried and has no track record.
The determination of High Cost is the easy part. The markets and guidelines as well as the Senior Underwriters that can actually safely underwrite these products are the toughies... in this equation. |