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FHA Mortgage Insurance Rates are Going Up in April 2012 for Bay Area Borrowers

February 28, 2012 By Leave a Comment

 

Posted by Jason Wheeler | Fully Follow Me | Subscribe

The FHA is said to be raising mortgage insurance rates in April 2012 from 1.00% to 1.75% and the monthly premium is going from 1.10% to 1.20%. This means you need to get off the fence and buy that home you’ve been thinking about if you want to take advantage of low mortgage insurance rates from the FHA.

This will also eliminate many from being able to afford the FHA Streamline program that allows borrowers to refinance with no appraisal and limited income documentation.

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Here is the Official Press Release from Hud.gov on raising mortgage insurance.

WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans.  FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.  Up front premiums (UFMIP) will also increase by 0.75 percent.

These premium changes will impact new loans insured by FHA beginning in April and June of 2012.  Details will soon be published in a Mortgage Letter to FHA-approved lenders.

“After careful analysis of the market and the health of the MMI fund, we have determined that it is appropriate to increase mortgage insurance premiums in order to help protect our capital reserves and to continue encouraging the return of private capital to the housing market,” said Galante.  “These modest increases are one of several measures we are taking towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain a valuable option for low- to moderate-income borrowers.”

The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent.  This change is effective for case numbers assigned on or after April 1, 2012.  FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500.  This change is effective for case numbers assigned on or after June 1, 2012.

The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount.  This increase applies regardless of the amortization term or LTV ratio.  FHA will continue to permit financing of this charge into the mortgage.  This change is effective for case numbers assigned on or after April 1, 2012.

FHA estimates that the increase to the up front premium will cost new borrowers an average of approximately $5 more per month.  These marginal increases are affordable for nearly all home buyers who would qualify for a new mortgage loan.  Borrowers already in an FHA-insured mortgage, Home Equity Conversion Mortgage (HECM), and special loan programs outlined in FHA’s forthcoming Mortgagee Letter will not be impacted by the pricing changes announced today.

Taken together, these premium changes will enable FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) Fund, contributing more than $1 billion to the Fund, based on current volume projections through Fiscal Year 2013.

 

Filed Under: Articles, Front Page, Mortgage Tips

3 Factors to Consider Before Jumping on the Entrepreneur Track

February 22, 2012 By Leave a Comment

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Guest post by Sara Witt

So what are the 3 main factors to consider before jumping on the Entrepreneur track?

Starting your own business entails benefits that people working for others drool over: You’re your own boss, your ambition can control how much money you make, and you have power.  But there are a lot of factors people don’t think about before jumping on the entrepreneurship track; below you’ll find what you need to consider before starting your own business.

Being An Entrepreneur is a 24/7 Job

If you want your own business, be prepared to think about that business 24 hours a day, 7 days a week.  While working for someone else, the company’s owners have all of the risk, so you can go home at the end of the day and let your thoughts about work escape from your mind.  However, as an entrepreneur, all of the risk is on you, which can make it difficult to go on vacations, take weekends off, or have normal working hours; every business is different, but you need to understand going into an entrepreneurial endeavor that you may have to work more than you would if you didn’t own the business.

Know What You’re Getting Into

It is imperative that one never jumps into a business without knowing what said business entails.  Here are important things to consider:

  • How risky is your business idea?
  • Is your business idea compatible with your interests?
  • What is the realistic income that your business and you will make annually?
  • What are your business’ demographics?
  • Is there a true need for your business?
  • How much do you know about the industry you’re getting into?
  • Does your business have a lot of competition?
  • How much will it cost to start your business?
  • How long will it take you to begin making money?

Do You Have What It Takes to Be an Entrepreneur

Being an entrepreneur isn’t just about working for yourself, it’s about whether you have the skills and traits to work for yourself successfully.  Entrepreneurs must be:

  • Adaptive
  • Ambitious
  • Dedicated
  • Determined
  • Ethical
  • Full of energy
  • Goal-oriented
  • Hard working
  • Independent
  • Inquisitive
  • Inventive
  • Managers
  • Motivated
  • Organized
  • Problem-solvers
  • Resilient
  • Self-confident
  • Willing to take a risk

If you think you possess the traits and ability to adequately answer the questions above as well as believe you can accept the long hours and stress inherent with being an entrepreneur, then you might just be ready to move forward with your business idea.

Sara Witt is a guest blogger and writer bringing to us 3 imperative factors to consider before embarking on an entrepreneurial endeavor.  Sara also writes about how to distinguish good personal injury lawyers from bad ones.

 

Filed Under: Articles, Business Tips, Guest Post

Deducting CA Home Mortgage Loan Interest Rates – Saving on your California Taxes

February 20, 2012 By Leave a Comment

 Posted by Jason Wheeler | Fully Follow Me | Subscribe

Guest post by Kevin Craig

Is this how you feel when you think about tackling your taxes?

Deducting home mortgage loan interest rates – Saving on your taxes

Getting tax breaks on your home mortgage loan is one of the biggest benefits of home ownership but you need to know how it is possible to deduct the interest rates from your income so as to qualify for the tax breaks. Just as you need to use a loan mortgage calculator before taking out a mortgage loan amount, similarly, you also need to know the amount that you can save from your taxes by going for mortgage rate deduction. The mortgage interest rate that you pay is reported on the Form 1040, Schedule A along with all the other itemized deductions such as medical expenses, charitable contributions and other medical expenses. If you’re a taxpayer who is also paying mortgage interest rate, you should ensure that you fill out Schedule A to check if the itemized deductions are more than the standard deductions and if it is so, then probably the taxpayers will tend to save more money by itemizing.

What are the documents that you may need?

You have to get yourself a Form 1098 Mortgage Interest Statement from your mortgage lender and if you’ve bought or sold off the home, you need a HUD-1 Settlement Statement in order to go through this process.

What are the steps to deduct the home loan interest rate from the taxes?

While you can deduct the interest rates on the mortgage loans from your income, you can also deduct it from the second mortgage loan. Here are the steps that you can take.

  • Adding your expenses: The first step that you need to take is to add up all the expenses that you can itemize as deductions in order to make sure that the total is always more than your standard deductions. Usually the main itemized deductions are home equity loan interest rates, the mortgage interest rates, state taxes, and the charitable contributions. If you see that the total itemized deduction is less than the standard deduction, it is better not to deduct the home mortgage interest rate.
  • Get a Schedule A form and fill out: Get yourself a Schedule A form to fill out all the itemized deductions and remember that the third section of Schedule A is for all the interest rate deductions. Fill out the form and write the name of the company to whom you paid the interest rate, mentioning the entire amount that you paid during that tax year.
  • Mention the name of anyone else whom you paid the rate: While you’re filling out Schedule A, you also have to mention anyone else’s name that you’ve paid the interest rate on the mortgage loan during the same tax year.
  • Mention the total points that you paid: You also have to mention the name of the mortgage lending institution to which you’ve paid points and the total amount that you paid as points. Remember that the points on the second home and refinance loans need to be deducted over the life of the loan and not at once.
  • Ask Your Mortgage Broker to Provide Your Final Certified HUD 1: This is a closing document when you closed your home loan. All you will need to do is give this document to your CPA and they should be able to give you all the proper deductions if you bought or refinanced a loan in the previous tax year.

Once you continue with the Schedule-A form and enter the right information in the right place, you can complete this process of deducting the mortgage interest rate from the taxes. If you would like to learn more about how you can benefit on your taxes from mortgage interest deductions you can contact us here today.

 

 

Filed Under: Articles, Front Page, Guest Post, Mortgage Tips

[Video] Big Banks like Citi Mortgage Settle for over 26 Billion Consumers to Benefit

February 15, 2012 By Leave a Comment

Posted by Jason Wheeler | Fully Follow Me | Subscribe

It will be quite interesting to see how this all plays out. I would guess that if you bought your home with an options ARM and you never refinanced these loans would likely be the first to get a slice of this settlement with the big banks.

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The Wall Street Journal says

NEW YORK—A Citigroup Inc. mortgage unit has agreed to pay $158.3 million to resolve allegations by the U.S. related to the quality of loans it submitted to a U.S. government-backed mortgage insurance program.

As part of the settlement, CitiMortgage Inc., a subsidiary of Citi’s banking business, admitted that it submitted loans to be insured by the U.S. Department of Housing and Urban Development that didn’t meet the program’s underwriting requirements.

More

“For far too long, lenders treated HUD’s insurance of their mortgages like they were playing with house money. In fact, they were playing with other people’s money and other people’s homes,” said Preet Bharara, the U.S. attorney in Manhattan.

Wednesday’s settlement is the latest effort by federal prosecutors to pursue civil penalties against companies that allegedly played a role in the housing crisis.

Last year, federal prosecutors in Manhattan brought similar civil lawsuits against closely held Houston-based home lender Allied Home Mortgage Capital Corp. and Deutsche Bank AG over alleged misrepresentations regarding the government-backed program, which was administered by the Federal Housing Administration.

Last week, Bank of America Corp. agreed to pay $1 billion to settle civil allegations by federal prosecutors in Brooklyn over similar alleged conduct regarding FHA loans.

The pact follows a separate $25 billion settlement with five banks, including Citigroup, announced last week over alleged foreclosure abuses by lenders.

In a settled lawsuit filed in Manhattan federal court on Wednesday, prosecutors alleged that more than 30% of the nearly 30,000 mortgages originated or underwritten by CitiMortgage since 2004 and guaranteed by the U.S. government have defaulted. HUD has paid out nearly $200 million in insurance claims and expects to pay more in the future.

 

Filed Under: Articles

Home Sales Surge in Pleasant Hill California While Surrounding Cities Stay Flat

January 3, 2012 By Leave a Comment

Posted by Jason Wheeler | Fully Follow Me | Subscribe

Home sales in Pleasant Hill California have had quite a surge in the last month and reach their highest point in the last year. Do you think this trend will continue? Surrounding cities that share a border with Pleasant Hill CA such as Lafayette, Concord, Walnut Creek and Martinez have yet to see surges like this…

What is it that is setting a city like Pleasant Hill California apart from it’s neighboring cities? What is keeping YOU from getting pre approved for a mortgage loan and contacting your local Realtor? In most cases you can save money compared to what you are paying in rents!

As a long time resident, business owner and your Mortgage Lending Expert I want to know one thing… What is it that is keeping you from buying your piece of real estate in today’s market. Leave me your comment at the bottom of this blog post.

 

Some of the Loan Options we Specialize in Are

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

 

 

Filed Under: Articles, Business Tips, Mortgage Tips, Real Estate Investing Tips

New Year 2012 CA Bay Area Mortgage Trends Best Rates in teh Bay

January 3, 2012 By Leave a Comment

Posted by Jason Wheeler | Fully Follow Me | Subscribe

By MIA LAMAR

Average fixed mortgage rates in the U.S. over the past week finished the year near all-time lows, with the 30-year home loan at 3.95%.

According Freddie Mac’s weekly survey of mortgage rates, the rate for a 30-year fixed-rate mortgage has been at or below 4% for the past nine consecutive weeks and only twice in 2011 did it average above 5%.

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So… you want today’s best mortgage rates for your home purchase or refinance?

Bank rates change daily and sometimes multiple times daily. See below for most up to date data on mortgage trends. If you would like pin point pricing you should email or call us anytime.

Remember… the rates in the below trend chart are the average rate in California. We work with several wholesale lenders and in almost every case we can beat the Average interest rates by up to .5% If you have questions about today’s best mortgage rates in the Bay Area get in touch with us today and find out how you can get the best rates the market can offer in today mortgage market.

Some of the Loan Options we Specialize in Are

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

Rates on the above trend chart show the AVERAGE mortgage rate currently in California. The rate on your loan scenario could be lower or higher than the posted average rate depending on different criteria and what lender we work with. For absolutely NO OBLIGATION email us and we will shop over 30 lenders in order to get you the best combination of rate and costs to close along with the criteria required to close your loan. In order to get your FREE Custom Quote just email us with:

  1. The Loan Amount you wish to qualify for
  2. The property you want to finance and weather you occupy it or not
  3. Reason for the loan ext… (lower my rate, take cash out, purchase a property)

Within 24 hours we will email you back with a custom quote that you can compare with other lenders like your personal bank or current broker. YOU DON’T EVEN HAVE TO CALL OR PROVIDE A PHONE NUMBER!

You can apply quickly by inquiring here

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Filed Under: Articles, Mortgage Tips

Getting a VA Home Loan with Imperfect Employment History in the CA Bay Area

December 29, 2011 By Leave a Comment

 

Posted by Jason Wheeler | Fully Follow Me | Subscribe

Guest post by Kevin Pearia

Tips to Secure a VA Home Loan with Imperfect Employment History

The mortgage meltdown seen in recent years made securing a home loan more difficult than most people can remember. Conventional lenders tightened lending requirements, which made it nearly impossible for many veterans to achieve eligibility due to the high credit scores and large down payments required.

Government backed programs, such as the VA Home Loan program, then became the go to lending product for interested homebuyers due to the lenient eligibility requirements given to veterans and active duty service members. In spite of these lenient eligibility requirements, the program does have a few income and credit requirements that often make veterans question their ability to qualify. However, these are general guidelines for lending; they don’t dictate which veterans can and cannot receive a loan.

Employment History

The VA Home Loan program generally requires that a prospective borrower have two years of steady employment in order to secure a loan. However, for veterans, providing documentation of a steady 2-year income isn’t always easy. VA-approved lenders understand that securing a job after service can lead to a short employment record, and are willing to work with those recently discharged.

In order to grant approval, most underwriters will make sure that a veteran’s service record indicates that they have skills beyond service and that they will be able to keep their recently acquired job.

Proof of Stable Income

In conjunction with providing proof of 2 years of steady employment, VA-approved lenders also prefer to see proof of a stable income in the form of 2 years’ worth of tax returns. For traditionally employed veterans, this is fairly easy. However, many self-employed veterans may struggle with providing this proof.

In fact, to receive all benefits possible, self-employed veterans should wait 2 years from the time they start their business to apply for a home loan. However, if their business has become highly profitable, they may apply and provide strong paperwork indicating the company’s revenue to prove that they will be able to cover the cost of the mortgage.

Foreclosure and Bankruptcy

The last few years hasn’t exactly been financially easy. The cost of living has continued to increase while wages have stayed the same or become non-existent due to layoffs. Because of the struggling economy, many homeowners were forced to declare bankruptcy or foreclosure.

For many, declaring bankruptcy or foreclosure seems like the end of the road. They believe that obtaining financing in the future will be impossible. However, as long as prospective borrowers can prove that they are back on the right track financially, have not taken out any other large loans, and have allowed at least 18 months to pass since their declaration, they may still be approved for a loan.

If you are interested in securing a VA home loan, contact your local VA home loan specialist to have any additional questions answered or for pre-approval.

Kevin Pearia is a mortgage commentator for Veterans United Home Loans, the nation’s leading dedicated provider of VA home loans

 

Filed Under: Articles, Mortgage Tips

What Does it Take to be your Own Boss? 4 Best Tips for Getting Started

December 14, 2011 By Leave a Comment

Posted by Jason Wheeler | Fully Follow Me | Subscribe

Be Your Own Boss

Guest Post by Ewan Thompson

What does it take to be your own boss?

No matter what sector or role you work in, most of us wish we could work for ourselves. However it is difficult to take a step that large when you don’t know for sure what qualities you have that would make you a good boss.

The first question is; why? Why do you want to do it in the first place? Are you tired of working for someone else? Maybe you have been counting the pennies and despite the good advice from journals and websites, like lovemoney.com for UK citizens, you feel a career change would be beneficial too. Do you want to have flexible hours controlled by you or just fancy the challenge?

The second thing to consider is what it takes to be your own boss. Most business owners don’t plan on it initiall

Top Four Necessities for Being Your Own Boss

Confidence – In general being your own boss has a lot to do with confidence and belief in your own ability. Many use their own lack of experience as an excuse to not go down the business path. If you endeavor to improve your skills though, are organized and maybe find a mentor to help you, anyone can do it.

Drive – There is a mistaken belief that you have to be ruthless and money orientated to own a business, but in actual fact most entrepreneurs do it for the love of working for themselves and a passion for their industry. It is this which makes them driven. Drive is key to most successful businesses, but what are you driving towards? More money? Higher output?

Experience – when you are your own boss you are working based on your own experience of the industry you work in. Even the negative experiences under someone else’s employ will help steer a new business owner in the right direction.

Education – make sure you are up to date with all the latest information that will help you run your business. You will always have a weakness and you can either do a course (there a tons out there) to educate yourself, or if you have the funds, hire someone to handle that aspect.

 

Filed Under: Articles, Business Tips, Front Page Tagged With: , , , , , , , , , , , ,

7 Ways to Get More Business With Facebook without a lot of Time, Money or Effort

November 28, 2011 By Leave a Comment

 

Over the weekend I sent out invitations to our huge launch webcast with my guest speaker Amy Porterfield.

Meet Amy, Your New Secret Weapon

Amy Porterfield is the co-author of Facebook Marketing All-In-One for Dummies and a Social Media Strategist for entrepreneurs and small businesses. Facebook Marketing All In One for DummiesMany consider Amy the go-to person for all things Facebook Marketing.

With 12+ years marketing experience Amy has worked with mega brands like Harley-Davidson Motorcycles, along with Tony Robbins International where she designed and managed his digital and social marketing campaigns.

She currently consults with entrepreneurs, and small and large businesses on social media strategy. Click here now to get her working for you.

If you implement this I promise you will see an imediate increase toward reaching your business goals like I have.

The Webinar starts in 30 minutes so get on and check out this great nuts and bolts content

If you absolutely cannot make it on this morning you would be wise to catch our 2nd review at 6pm pacific time.

Register here before we are all filled up on that webcast.

================

I was lucky to catch a sneak peak on a launch webinar last week and was blown away at some of the strategies I’ve learned to explode leads for my business on Facebook.

I’m exited they are doing another webinare this week and I highly encourage you to sign up for a special Facebook marketing webinar if you have any type of business an you want to market online.

Sign Up Here: http://www2.onlinemeetingnow.com/register/?id=330eaa5e6a

Amy Porterfield Expert Marketer

Here’s what our guest speaker and Facebook Marketing

thought leader, Amy Porterfield, will cover:

• Super Fans: What They Are and Why You Need Them

• Essentials of a Facebook Marketing Foundation

• Smart Strategies to Grow a Lucrative Fan Base

• Quick Tips to Get Your Fans Talking and Engaged

• How to Move Your Fans Up the Ranks to Super Fan Status

Register Here: http://www2.onlinemeetingnow.com/register/?id=330eaa5e6a

You are already spending some of your time on Facebook

chatting with friends, uploading pictures, and staying in touch…

…but it’s time you leverage Facebook the Right Way so you can

reap the benefits of it from a business point of view as well.

Amy is one of the top Facebook Marketing experts in the world

and she has some brand new information she wants to share with you.

Make sure to register for this week’s webinar as you won’t want to miss out!

Register Here: http://www2.onlinemeetingnow.com/register/?id=330eaa5e6a

Stay inspired and crush life!

Jason Wheeler.

Filed Under: Articles, Front Page

2 Simple Steps to Make Easy Money with Facebook on Your Birthday

November 24, 2011 By Leave a Comment

 

Posted by Jason Wheeler | Fully Follow Me | Subscribe

Would you be surprised if I told you that making quick easy money with Facebook on your birthday is really simple!

Of any day of the year I’ll bet you get more traffic, comments and views to your Facebook page every year on that special day that is your birthday. Why not give yourself a present and make a bit of cash from the free traffic you get on face book on your birthday?

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It really is super easy! Obviously if you have an opportunity, affiliate product or a service that you would like to advertise and get massive traffic to there is a really simple way to do it on your birthday just by using two easy steps. I experimented with this strategy this year and got some massive traffic and made a bit of money too.

Step 1 is to disable the wall…

or at least make it so others can’t see those tons of “happy birthday” messages you get on your page every year.

In order to disable the wall and make it so others can’t see all the useless posts simply go to the up right corner to

  1. HOME ==>
  2. Privacy Settings ==>
  3. Edit Settings under “How You Connect” and just click “Only Me” on the last options.

See the Facebook screen shot below and see how to turn it off.

Step 2… Add the Content you Want to Advertise!

Now that your posts from others can only be seen by you it is very simple to post an add or any content that you would like to promote to your entire database on Facebook. I experimented with a post about my birthday… it’s funny how much people WANT to help you out on your birthday or basically do whatever you say on your birthday.

Check out the tons of “likes” and comments I received on the content that I posted that day. All I did was create a quick article on my blog that I got set up for free and I checked back the day after my birthday… In just one day I had a ton of Facebook “shares” plus quite a few re tweets as well.

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Here is the content I posted to make money with Facebook on my birthday…

check it out I had a ton of Facebook likes and comments that day!

So there you have it!! That is all you really have to do in order to make a bit of extra cash on your birthday with Facebook. Heck It’s YOUR birthday… the only day of the year it’s okay to be a bit obnoxious and self absorbed right? Why not make some money with your Facebook profile on your birthday too?

 

Filed Under: Articles, Business Tips

It’s My Birthday… Studies Show… Those who have the most live the longest!

November 21, 2011 By 1 Comment

Happy Birthday to me right!! Yup it’s my birthday and although I’m usually a stick in the mud today this year I’m gonna do what I want! I plan on enjoying some great food, a good mood, great party, a few tequila shots, and getting paid!

Thanks so much for the wishes it really means a lot to me that you would stop by for a quick second and wish me well. To be perfectly honest I’ve never been much of a fan of my birthday but this year I’m changing my tune I’ve decided to be super excited about having another birthday because:

“Birthdays are good for you” Studies show that those who have the most of them live the longest…. HA!!

I love that saying! But really I’m also excited not just about another great year ahead but guess what else…

Although lending is still my main business bread and butter… I’m always looking for new ways to make extra cash.

Right now I’m excited about a super powerful and super easy opportunity I stumbled upon to make more cash by practically doing NOTHING!

The thing that is great is it’s not anything you’ve seen online before. There is really no monster buy in either. I only invested $25 in this business to start and the thing that is great is you make your entire investment back on your very first sale.

My other favorite thing about this opportunity is you NEVER have to sell this to anyone. People can usually decide if they want to get involved within 30 seconds of checking it out.

All you have to do is submit your information below and you will be directed to another page that will explain it all in two minutes. YOU can decide if this is something that can potentially change your life.

* Email
* First Name
* = Required Field


 

Filed Under: Articles

HARP 2.0 Program 2012 Could Help Many in SF Bay Area – Fannie Mae Home Affordable Refinance Program & Freddie Mac’s Open Access

November 1, 2011 By 19 Comments

Posted by Jason Wheeler | Fully Follow Me | Subscribe

Update 2/10/2012 – We are now accepting applications for this new program. inquire today right here!

If you want to learn a whole lot more about HARP 2.0 changes and if you can benefit from them if you own a home in the CA Bay Area you can download the official FAQ guide right here too.

You can also simply go to the contact us page above and give me a call anytime too!

Update 1/25/2012 – This program is set to be released in March 2012.  Right now there is a huge back log of people pre-applying so the process may take some time.  Apply today for this program and get your file ready and in line when it is released in March 2012.

What is the HARP Program? (Home Affordable Refinance Program)

New changes are coming to the HARP program on November 11th 2011 that should help thousands keep their homes and save a ton of money in the SF Bay Area!

For a mortgage to be considered for a HARP refinance in the California Bay Area, it must be owned or guaranteed by Fannie Mae or Freddie Mac.

If your home is or will be “underwater” you need to take a look at this program today.

Important Steps to Applying for a HARP Loan

  1. To determine if your loan is owned or guaranteed by Fannie Mae or Freddie Mac, you may verify it yourself by going here
  2. Did you get your loan before June of 2009?
  3. If your loan is a Fannie Mae loan, you may obtain more information on the program, here.
  4. If your loan is a Freddie Mac loan, you may obtain more information here.
  5. If you would like to apply for a HARP Relief Refinance today you can inquire here.

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If your loan is not a Fannie Mae or a Freddie Mac loan, your loan is not covered by the HARP refinance program. You may want to contact your servicer or other lenders to discuss refinance programs you may be eligible for. For more information see:  FHFA HARP page.

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Some of the new guidelines and rules that were announce by President Obama and the Federal Housing Finance Agency are as follows.

The new program enhancements address several other key aspects of HARP including:

  1. Eliminating certain risk-based fees for borrowers who refinance into shorter-term
    mortgages and lowering fees for other borrowers;
  2. Removing the current 125% percent LTV ceiling for fixed-rate mortgages backed by
    Fannie Mae and Freddie Mac;
  3. Waiving certain representations and warranties that lenders commit to in making loans
    owned or guaranteed by Fannie Mae and Freddie Mac;
  4. Eliminating the need for a new property appraisal where there is a reliable AVM
    (automated valuation model) estimate provided by the Enterprises; and
  5. Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the
    Enterprises on or before May 31, 2009.

You can review the official press release and new rules from the FHFA Here.

If you would like to apply for a HARP Relief Refinance today you can inquire here.

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The Home Affordable Refinance Program HARP is alive and well in the SF Bay Area. Most lenders will go up to 110% of your homes current value however we work with several lenders that will allow for up to 125% of the homes value.

President Barack Obama announced a set of new rules recently designed to make it easier for homeowners to refinance their mortgages even if they owe more than their home is worth.

Bay Area lawmakers had pushed hard for the changes, which eliminate some fees and ease rules on refinancing home loans owned by the government-controlled mortgage finance companies Fannie Mae and Freddie Mac. For more than a year, Sen. Barbara Boxer (D-California) has been pushing legislation that would force Fannie Mae and Freddie Mac to help people reduce the amount they owe on their mortgage.

In a statement Monday, Boxer said she was “very pleased” with the new changes and would urge the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, ”to move swiftly to assure that these new policies will help as many homeowners as possible.”

President Obama threw a lifeline to some underwater homeowners Monday in announcing his administration will revamp a program to refinance homes with mortgages greater than their current values.

“This will help a lot more homeowners refinance at lower rates,” Obama said, speaking in a modest neighborhood in Las Vegas, a city walloped by foreclosures. The president said he would do “everything in my power to help stabilize the housing market.”

The plan will streamline and expand the existing Home Affordable Refinance Program, or HARP, to make it easier to use with fewer fees, broader eligibility and no limit on how far underwater a home can be. The program so far has helped about 894,000 homeowners, far shy of the projected 5 million when it was rolled out two years ago.

Underwater homeowners who qualify will be able to take advantage of today’s bargain-basement interest rates, which are around 4 percent. Since many are now stuck with much higher interest rates, they should save several hundred dollars a month by refinancing.

“This will help a lot more homeowners refinance at lower rates,” Obama said, speaking in a modest neighborhood in Las Vegas, a city walloped by foreclosures. The president said he would do “everything in my power to help stabilize the housing market.” Read more form the San Francisco Chronicle on this

We will see how long it takes for banks to start implementing or if they even will implement these new rules for stressed home owners. So far the HARP Home Affordable Refinance Program has not helped as many Bay Area Home owners that is was designed for.

 

Filed Under: Articles, Business Tips, Front Page, Mortgage Tips
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