What is the maximum debt to income ratio for Freddie Mac?
Debt-to-income ratio: Qualifying debt-to-income ratios are determined by Loan Product Advisor, Freddie Macs automated underwriting tool. This ratio can be as high as 45 percent for manually underwritten mortgages.
Is the maximum cash back the lesser of 2% or $2000 on a standard Freddie Mac limited cash-out refinance?
Choosing between a limited cash-out and no cash-out refinance Limited cash-out (Fannie Mae)No cash-out (Freddie Mac) Max. cash-out on $80k loan $1,600 $2,000 Max. cash-out on $100k loan $2,000 $2,000 Max. cash-out on $200k loan $2,000 $2,000 Max. cash-out on $300k loan $2,000 $3,0002 more rows
What is the maximum cash-back for Fannie Mae limited cash out?
The key difference between a limited cash-out refinance and a no cash-out refinance is that a limited cash-out refinance has guidelines set by Fannie Mae. Per Fannie Maes rules, the cash-back amount is limited to 2% of the new loan balance or $2,000, whichever is less.
What is the cash-back limit for Freddie Mac limited cash-out refinance?
Cash-Back Limit Allowed on No-Cash Out/Limited Cash Out Fannie Mae limits this to the LESSER OF 2% of the new loan amount, or $2,000. However, Freddie Mac is more lenient and allows the GREATER OF 1% of the new refinance Mortgage or $2,000.
What is the maximum Freddie loan amount?
Loan Limit Values for Mortgages on Properties in High-Cost Areas* Number of UnitsMaximum baseline conforming loan limit values for properties NOT in Alaska, Hawaii, Guam or U.S. Islands 1 $1,209,750 $1,149,825 2 $1,548,975 $1,472,250 3 $1,872,225 $1,779,525 4 $2,326,875 $2,211,6001 more row Nov 26, 2024
