Fannie Mae will now allow fixed-rate jumbo loans with 10-year interest-only periods on all property types, according to a seller announcement Friday. In addition, jumbo programs include hybrid LIBOR adjustable-rate mortgages and interest-only hybrids. On owner-occupied properties, refinances up to 75 percent loan-to-value are allowed with up to $100,000 cashout, while ARM LTVs can go up to 90 percent, Fannie said.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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