Last Week In the News (2)

HARP Changes Are Coming This Spring


The Federal Housing Finance Agency recently announced changes to the Home Affordable Refinance Program (HARP) that will allow more borrowers to refinance and take advantage of historically low mortgage rates.

These changes to HARP (often referred to as HARP 2.0) are set to rollout this spring. Fannie Mae and Freddie Mac are currently updating their automated loan underwriting software. This is due to be completed in March 2012.

Some enhancements to HARP include:

  • Removing the 125% loan-to-value (LTV) ceiling on fixed-rate mortgages backed by Fannie Mae and Freddie Mac when the automated underwriting software is updated eliminates the need for a new property appraisal. Depending on occupancy type, Prospect's current LTV ceiling is between 105% and 125% with any HARP 2.0 LTV limitations forthcoming.
  • Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages.
  • Extending the end date for HARP until on or before December 31, 2013.

HARP borrowers must meet the following criteria:

  • The mortgage must have been owned or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it's a Fannie Mae loan that was refinanced under HARP from March 2009 to May 2009.
  • The current LTV ratio must be greater than 80%.
  • Borrowers must be current on their mortgage payments with no late payment in the previous 12 months to 24 months, depending on the LTV.

Owner-occupied, secondary residences and investment properties may be considered for HARP refinancing. There are many HARP refinancing scenarios available. This might be a great opportunity for your customers to lower the cost of their monthly mortgage. If you would like more information, please contact me today.

Mt. Washington|Highland Park|Eagle Rock|Silverlake|Los Feliz|Homes for Sale|Kathleen Goldstein | Properties | Buyers | Sellers | Mortgage Information | All About Me | What's My Home Worth? | Area Info | Buyers Request | Testimonials | Free Real Estate Reports | Sellers Request | Dream Home Finder | Blog with me for all things real estate and neighborhood happenings! | Community Links | School Links | Request Info | Helpful Links | Weather | Home Buying Info | 15 Reasons Why I Should Be Your Real Estate Agent | Additional Real Estate Info | Different Types Of Real Estate Home Loans | For Sale By Owner Real Estate Info | Free E-mail Property Updates | Free Market Update | Free Real Estate Newsletter | General Request | Home Gardening Info | Home Improvement | Home Moving Assistance | How Much Real Estate Can You Afford? | Just For Kids | My Real Estate Link Partners | Real Estate And Mortgage Glossary | Real Estate Mortgage Programs | Real Estate Refinancing Information | Real Estate Tax Info | Selecting Your Next Home | Tourism And Travel | Why Select Me To Help You Sell Real Estate? | Why Select Me To Represent You When Buying Your Next Home? | Real Estate Mortgage Calculators | Real Estate And Consumer Info | Property Search (California RETS - Residential) | Property Search (California RETS - Rental) | Property Search (California RETS - Mobile Home) | Property Search (California RETS - Land/Lot) | Property Search (California RETS - Residential Income) | Property Search (CARETS Sold - Residential) | Property Search (CARETS Sold - Rental) | Property Search (CARETS Sold - Mobile Home) | Property Search (CARETS Sold - Land/Lot) | Property Search (CARETS Sold - Residential Income) | My Listings | Sold Home Gallery | Sold Listings and Leases | Great Mt. Washington View Home | Prior Sold and Leased Portfolio | Specializing in Hillside & Canyon Homes since 1979..It's a Lifestyle! | TEXT | NELA Second Saturday In Eagle Rock | Statistics for Mt Washington 90065 Zip Code | Mt. Washington Profile | Prior Sales | Featured Properties | Search Foreclosures | All About Re/Max | Last Week in the News | New Listings Promise Robust Prices | Kitchens Sell a House | Buying a Home in a Short Sale or Foreclosure Not Always a Bargain | FHA Loans | Spring 2012 Home Sales | View Testimonials | Last Week In the News (2) | Today in the News 3 | Keller Williams Awards | Short Sales Information | Short Sales/Reo Information | SHORTSALE/REO INFORMATION | Last week In The News September | To Remodel Or Not | Home Improvement Apps | Building Green | New Credit Scoring Promises to Qualify more Borrowers | Homes are Selling ... | New Home Sales Price Rise1.5% in March | First Quarter Economic Growth Stronger then... | 3 Tips To Stand Out In A Competitive Housing Market | 3 Tips To Stand Out In A Competitive Housing Market | Unmarried Couples Leap into Homeownership | Unmarried Couples Leap into Homeownership | How Long Will this Housing Shortage Last? | Home Sales Slip but Prices Continue to Roll at Double-Digit Rates | A Boom of New Urban Homes, One Tiny, Trendy Lot at a Time | Los Feliz Neighborhood | Non-GMO Project | Recent Sales | Guestbook
Site Map | E-Mail

Mt. WashingtonEagle RockGlassel Park


Logo
Keller Williams Glendale
889 Americana Way 408 • Glendale, CA 91210
Kathleen Goldstein • Phone: (818)500-8010