Pinehurst Guideline and Extension policy changes
Effective with all new extensions and relock requests submitted today October 1, 2008 the policy is being changed to following adjustments regardless of program type.
| Number of Days Extended | Price Adjustment | Number of Days Relocked | Price Adjustment |
| 15 | -0.188 | 10 | -0.188 |
| 30 | -0.375 | 25 | -0.375 |
| 45 | -0.500 | 40 | -0.500 |
| 60 | -0.625 | 55 | -0.625 |
|
|
| 70 | -0.750 |
Due to market conditions in the state of Florida our Pinehurst program are having the following restrictions put in place. If your loan is affected by any of these changes the loan must fund by the current expiration date, any extensions or relocks requests will not be allowed.
Agency Arms ands Fixed Products including Interest Only options
- Condominium are no longer permitted
- 2-4 Units are no longer permitted
- Second Home or Investment Properties not allowed
- One unit properties are limited to 90% LTV/CLTV
- Attached properties are now limited to max LTV/CLTV of 80%
- 620 fico score (or higher if program requires) is required regardless of AUS approval
MyCommunity and Home Possible
- Condominium are no longer permitted
- 2-4 Units are no longer permitted
- Attached properties are now limited to max LTV/CLTV of 80%
Non-Agency Fixed and Arms
- Condominium are no longer permitted
- 2-4 Units are no longer permitted
- Attached properties are now limited to max LTV/CLTV of 80%
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!