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Monday, March 16, 2009
FHA
The FHA plans to make it tougher for borrowers to refinance a loan and take out cash as the agency tries to "limit its exposure to undue risk," according to a letter that recently went out to lenders. Starting with loan applications that lenders receive April 1, the FHA's new policy limits cash-out refis to borrowers with at least 15 percent equity in their homes.
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