Weekly Product Update 06/29 - 07/03 2009

Friday, July 03, 2009

 

To MetLife Approved Brokers

 

The following products have been updated:

 

 

FHA Fixed and ARMs

Effective Immediately

Energy Efficient Mortgage

• If the energy improvements are determined to be “cost effective,” the maximum amount of the costs that may be added to the mortgage amount is the lesser of 5% of:
  • The property value, or
  • 115% of the median area price of a single family dwelling, or
  • 150% of the conforming Freddie Mac loan limit

 

USDA

                                                                         Effective Immediately
Appraisal

• All appraisals must include the Market Conditions Addendum (Fannie Mae1004MC/Freddie Mac71).

 

                                                                                Clarification
Property Types (Eligible/Ineligible)

• Properties with an in-ground swimming pool are allowed if:

• Value of pool is not financed in the loan amount
• The Guarantee Fee (if financed) is calculated after pool is deducted from the appraised value.
  
  

Subject to change without prior notice and is for use

By MetLife Approved Brokers only.

Be sure to check Product Guidelines via Pronto

For changes, updates and limitation

 

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

                                               To maximize communication it's wise to "Reply to All"

 

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