HUD Mortgagee Letter 2010-24
August 6th, 2010
HUD issued Mortgagee Letter 2010-24 titled, Combined Loan-to Value Requirements for Refinance Transactions.
This Mortgagee Letter eliminates the unlimited Combined Loan-to-Value (CLTV) ratio that was first introduced in Mortgagee Letter 2007-11. With the exception of streamline refinance transactions, the combined amount of the FHA-insured first mortgage and any
subordinate lien may not exceed the:
- applicable FHA loan-to-value ratio AND
- geographical maximum mortgage amount.
FHA is returning to its former CLTV limit for case numbers assigned on or after September 7, 2010.
If you should have any questions concerning this Mortgagee Letter, please call the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD
(1-877-833-2483).
Sincerely,
David H. Stevens
Assistant Secretary for Housing-
Federal Housing Commissioner
To view the Mortgagee Letter in its entirety, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with approximately 800 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.