Greyhawk and Torrey Pines Updates
Freddie Mac Alt 97
Greyhawk will be discontinuing the Freddie Mac Alt 97 program for all new locks submitted on or after July 14th. All extensions and re-locks must be made prior to July 14th as no extensions or re-locks will be allowed.
Greyhawk Cash-out Transactions will now require a six month seasoning based on comparing note dates. To be eligible for a rate/term refinance when the most recent transaction on the subject property was a cash-out refinance within the last six months, the new mortgage must be treated as a cash-out refinance (note date to note date is used to calculate six months).
Effective immediately we will no longer be accepting new locks on the Torrey Pines Agency Jumbo programs. Loans that have been currently locked must close and fund within their orginal lock period. We will still continue to offer the Agency Jumbo program on our Doral Rate sheets.