Home Loan Underwater?

Changes to Underwater Refinance Plan Going Into Effect


See If You Can Benefit

On October 24, 2011, President Obama announced plans to open up refinancing to more homeowners who are underwater. This proposal was a revision to the previous Home Affordable Refinance Program (HARP) and is now known as HARP 2.0.

Some of the major changes under HARP 2.0 include:

No underwater limits: Previously, borrowers whose loan-to-value limits were greater than 125 percent were ineligible to refinance. Now, borrowers can refinance no matter how far their homes have fallen in value.

Appraisals may be eliminated and underwriting relaxed for most borrowers: Being able to use this program may save time and money, and remove some of the anxiety from the refinancing process.

Deadline extended: Borrowers now have until December 31, 2013 to get refinanced under HARP 2.0.

These changes will be put into effect by Fannie Mae and Freddie Mac the week of March 19, 2012.

It's also important to note that the HARP 2.0 Program is for loans that were secured by Fannie Mae and Freddie Mac prior to June 1, 2009. Currently, loans obtained after this date are not eligible for this program. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

www.freddiemac.com/mymortgage

www.fanniemae.com/loanlookup/

Latest Rates for So Ca Real Estate

The stock market continues on a rally which is taking investors away from the bond market causing our rates to increase. They are still very low but up from a couple of weeks ago.

Conforming 30 Year Fixed (up to $417,000) is at 3.99% at 1 Point and 4.25% at Zero, High Balance ($417,000 to $625,500) is at 4.25% at one point and 4.5% at zero and Jumbo (over $625,500) is at 4.875% at 1 Point. FHA is at 3.75% at no points up to $417,000 and 4% for the High Balance.

Property for Exchange Everywhere!

The choice of a tax-deferred exchange affords the seller/taxpayer an exceptional opportunity upon selling the property. A tax deferred exchange can best be defined as a sale without immediate tax implications with a window to replace the property with like-kind property and reduce the basis of the replacement property by the deferred gain, thereby deferring the tax to a future date.

Susan's rates for November 2010

Conforming 30 Year Fixed (under $417,000) is at 4.25%, High Balance $417,000 to $729,750) is at 4.375% and Jumbo (over $729,750) is at 5.5%.

Conforming 15 Year Fixed is at 3.5%, High Balance at 3.75% and Jumbo is at 5.125%.

These rates are off from the lows of 3.875% but still very low.

Rates for October 2010

Rates are still volatile but trending lower after the Federal Reserve announcement last week that they may resort to further means to ease rates. They have not announce exactly what that would be but the bond markets are reacting favorably in anticipation.

Conforming 30 Year Fixed (under $417,000) are at 4% with High Balance ($417,000 to $729,750) at 4.375% and Jumbo at 5.5%. 15 Year Fixed Conforming is at 3.75%, High Balance is at 3.875% and Jumbo is at 5%.

This is an excellent time for buyers to get into a house as the affordability index is high due to these lower rates!

Trade AnythingAnywhere Sept 2010

http://idx-lite.diversesolutions.com/Default.aspx?MasterAccountID=2697&SearchSetupID=64

Bank Rates for Sept-October 2010

The Federal Reserve Board issued a statement this week saying that they were concerned that inflation is too low. This statement is fueling a decline in the dollar, higher gold and other commodity prices and lower interest rates.
Conforming 30 Year Fixed (under $417,000) are at 4%, High Balance ($417,000 to $729,750) are at 4.25% and Jumbo (over $729,750) are at 5.5%. Conforming 15 Year Fixed at at 3.75%, High Balance at 3.875% and Jumbo at 5.25%.
The October 4th date for the change in the FHA mortgage formula is quickly approaching. Make sure your FHA clients are aware of this change which will increase their monthly payments.