On August 1, 2019, the FHA issued Mortgagee Letter 2019-11 which reduces the current Maximum Loan-To-Value (LTV) and Combined Maximum Loan-To-Value (CLTV) percentages to 80 percent on Cash-out Refinance Mortgages. This change is effective for case numbers assigned on or after September 1, 2019.
Full Memorandum
