OCTOBER EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

OCTOBER EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

November 11th, 2013

Happy Veteran’s Day!!  Thank you to all of our men and women who have served in the Military.

Mortgages rates ended the week sharply higher with the release of the October employment report on Friday.  Non Farm job creation crushed expectations causing a sell-off in the Mortgage Backed Security market of over 100 bps.

new job

Positive economic news from the employment report, US 3rd quarter GDP, and ISM manufacturing is causing more pricing pressure and thoughts that the FED could taper their stimulus package sooner. 

Unfortunately, the employment report usually shapes the monthly trend of interest rates.  I think rates will likely slowly rise during the month of November. 

I would recommend locking pricing if you are in the market for a mortgage.

FMAE CHANGES COMING THIS WEEKEND

Fannie Mae is implementing a new underwriting system this weekend.  The highlights of the guideline changes are:

-No more interest only loans.  I have to lock any new interest only loans by Wednesday, so if you want one – please call me asap.

-Maximum LTV going from 95% to 97%

-FMAE HARP loans no longer will require the waiting period required for Forclosures, Bankruptcies and Short sales

Make it a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed 4.25% with 0 points

7/1 ARM at 3.375% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – 1 point,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .83 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .51 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3.125% – .83 points,     3.5% – 0 points,     3.625% – $0 costs

5/1 ARM:   2.625% – 1 point,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .75 points,     3.375% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – .61 points,     4% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – .10 points,     3.375% – 0 points,     3.5% – $0 costs

30 year fixed VA:     4% – .5 points,    4.25% – $0 costs

Today's Interest Rates - November 11th, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  McCormick Ranch Loan Officer.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

OCTOBER EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

HOW WILL THE FISCAL CLIFF DEAL AFFECT MORTGAGE RATES?

HOW WILL THE FISCAL CLIFF DEAL AFFECT MORTGAGE RATES?

January 2nd, 2013

Happy New Year!!

On January 1st, Congress finally came to a deal to avoid the “fiscal cliff”.  The deal essentially kicks the main issues down the road, but averts the tax increases for the majority of Americans.

As expected, the markets responded and the stock market surged and mortgage rates went up.  Currently the Mortgage Backed Security market is trading down – 22 bps on the week. 

Fortunately, because the Feds continue to buy and keep demand in place for mortgage backed securities, rates were not hit that hard.  The average 30 year fixed pricing went up .23 pts at any given rate.  Shorter term loans and ARM pricing did not go up as much. 

The Fiscal Cliff deal basically:

1.)     Increases taxes on individuals making 400k per year or more

2.)     Increases taxes on married couples making 450k per year or more

3.)     Increases taxes on dividend and capital gain income.

So one part of the Fiscal Cliff is resolved – the major tax increases that would have affected all Americans. 

The other issue that was kicked down the road was the debt issue.  There is a 2 month period before automatic spending cuts will go into effect for the US treasury.  So the debate on the fiscal cliff is really just beginning, with the US deficit still not addressed. 

Congress will have to come to an agreement on key spending cuts or raise the debt ceiling again.  The markets will likely remain volatile until March 1st, as a deal will likely not happen until the last possible moment.

Rates are very volatile right now and the benefits in locking a loan outweigh the risk and possible pricing improvement that may accompany floating a rate.  Rates are only .125% higher than their all time lows.  I am recommending locking at this point.  If rates drop .25% during the loan process, a rate can be floated down.

Have a great week!!

TODAY’S RATES:

30 year fixed:     3.375% paying .634 points,     3.5% paying 0 points,     3.75% – $0 costs

20 year fixed:   3.25% paying .99 points,     3.5% paying 0 points,     3.625%  – $0 costs

15 year fixed:   2.75% paying .30 points,     2.875% paying 0 points,     2.99% – $0 costs

5/1 ARM:   2.25% paying 1 point,     2.625% paying 0 points,     3% – $0 costs

7/1 ARM:    2.5% paying .99 points,     2.875% paying 0 points,     3.125%- $0 costs

30 year fixed High Balance Loan:    3.5% paying .966 points;     3.75% paying 0 points;    3.875% – $0 costs

30 year fixed FHA:    3.25% – $0 costs

15 year fixed FHA:    2.75% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR - 1-2-2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

HOW WILL THE FISCAL CLIFF DEAL AFFECT MORTGAGE RATES?

MERRY CHRISTMAS – 30 YEAR FIXED RATES REMAIN AT 3.375%

MERRY CHRISTMAS  –  30 YEAR FIXED RATES REMAIN AT 3.375%

December 26th, 2012

I hope everyone had a Merry Christmas!!

Interest rates did not change much over the past week.  The mortgage backed security market closed last week trading down (-3 bps). This week the MBS market is trading up (+6 bps). 

All eyes remain on the fiscal cliff negotiations.  We are getting down to the deadline and the sides still appear to be very far apart.  Congress will reconvene on Thursday and the President will be back from Hawaii on Thursday.

Some insiders still believe a deal will get done, while others are more pessimistic.  Some think that going over the cliff will cause serious economic repercussions, some don’t.  So you are seeing conflicting points of view on all angles of the fiscal cliff.

Going over the fiscal cliff will cause taxes to go up for all Americans, but many believe a tax deal will get done before the new tables are released even if a Fiscal Cliff deal does not get done.  The market is most concerned with the tax rates, as more taxes equals less disposable income to spend on goods and services.   Unfortunately, it appears likely that the issue of deficit reduction and spending cuts will get kicked down the road. 

My personal belief is:

If the Fiscal Cliff or Tax deal get done, rates will go up slightly.

If they don’t, rates will go down slightly.

In other news, the Senate will be introducing bill S3678 this week.  This bill will be voted on before the end of the year.  If it passes, FHA will raise Mortgage insurance premiums again.  The rumored changes are:

FHA raising monthly mortgage insurance premiums .1%

FHA monthly mortgage insurance premiums to continue for life  

If you are planning to start a new FHA loan, or streamline your existing FHA loan – I wouldn’t wait. 

Have a great week!!

TODAY’S RATES:

30 year fixed:     3.375% paying .40 points,     3.5% paying 0 points,     3.625% – $0 costs

20 year fixed:   3.25% paying .73 points,     3.375% paying 0 points,     3.625%  – $0 costs

15 year fixed:   2.75% paying .26 points,     2.875% paying 0 points,     2.99% – $0 costs

5/1 ARM:   2.25% paying 1 point,     2.625% paying 0 points,     3% – $0 costs

7/1 ARM:    2.5% paying .88 points,     2.75% paying 0 points,     3%- $0 costs

30 year fixed High Balance Loan:    3.5% paying .99 points;     3.75% paying 0 points;    3.875% – $0 costs

30 year fixed FHA:    3.25% – $0 costs

15 year fixed FHA:    2.75% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR- 12-26-12

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

30 Year Fixed Rates remain at 3.375%

TODAY’S RATES – 30 YEAR FIXED AT 3.625% PAYING 0 POINTS!!

30 YEAR FIXED AT 3.625% PAYING 0 POINTS!!

June 18th, 2012

The MBS Market closed last week trading up (+ 16 bps).

Mortgage rates improved again – and are back to all time low levels.

Over the weekend, Greece held their elections and the party that wants to stay in the European Union won. There was not a ton of market movement on Monday because of this – right now the MBS market is trading up +7 bps.

The big thing to pay attention to this week is the FEDERAL OPEN MARKET COMMITTEE (FOMC) meeting on Tuesday and Wednesday and their statement release on Wednesday. Many industry experts predict they may extend purchasing mortgage backed securities in another set of Quantitative Easing. If they do, mortgage rates usually will go lower. If they don’t, mortgage rates will likely move higher. If you don’t want to risk it, we can lock your loan and offer a float down if rates get better after we lock.

My best value of the week:

30 Year Fixed at 3.625% paying 0 points.

Below are rates available today paying a point or less:

30 year fixed: 3.5% paying .58 points, 3.625% paying 0 points
20 year fixed: 3.25% paying .76 points, 3.375% paying 0 points
15 year fixed: 2.875% paying .41 points, 3% paying 0 points
5/1 ARM: 2.25% paying .95 points, 2.75% paying 0 points
7/1 ARM: 2.5% paying .86 point, 2.875% paying 0 points
30 year fixed High Balance Loan: 3.75% paying .80 points, 3.99% paying 0 points
30 year fixed FHA: 3.25% paying .63 points; 3.5% paying 0 points
15 year fixed FHA: 2.75% paying .39 points, 2.875% paying 0 points
30 year fixed VA: 3.25% paying .51 points, 3.5% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

Today’s Rates – 30 Year Fixed at 3.625% Paying 0 Points!!

MORTGAGE RATES REMAIN NEAR RECORD LOW LEVELS

MORTGAGE RATES REMAIN NEAR RECORD LOW LEVELS

June 11th, 2012

The MBS Market closed last week trading down (-37 bps), but closed Monday (+25 bps).    

Overall rates are very similar to the record low rates hit last Friday. 

Over the weekend, Spain agreed on a 125 billion bailout.  Spain is the 4th of 17 countries in the European currency union to need a bail out.  This move pushed stocks down on Monday demonstrating that investors are still very concerned regarding this ongoing crisis.

Some think that Italy may need a bail out next.  Greece will be voting next Sunday to form a new government.  This ongoing chaos in Europe is bad for the stock markets, but good for interest rates.

I feel that these low rates should be available this whole week and don’t see them going up much until there is some improvement in the European debt situation. 

Below are rates available today paying a point or less:

30 year fixed: 3.5% paying .78 point, 3.75% paying 0 points

20 year fixed: 3.375% paying .43 points, 3.5% paying 0 points

15 year fixed: 2.875% paying .7 points, 3.125% paying 0 points

5/1 ARM: 2.375% paying .99 points, 2.75% paying 0 points

7/1 ARM: 2.625% paying .489 point, 2.875% paying 0 points

30 year fixed High Balance Loan: 3.75% paying .82 points, 3.99% paying 0 points

30 year fixed FHA: 3.25% paying .91 points; 3.5% paying 0 points

15 year fixed FHA: 2.75% paying .676 points, 3.125% paying 0 points

30 year fixed VA: 3.25% paying .78 points, 3.5% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

MORTGAGE RATES REMAIN NEAR RECORD LOW LEVELS

30 YEAR FIXED AT 3.625% WITH .67 POINTS

30 YEAR FIXED AT 3.625% WITH .67 POINTS

May 14th, 2012

The MBS Market closed last week trading up (+9 bps.)    

Rates continue their positive momentum as concerns continue to mount regarding Europe’s debt situation.  As I explained last week, rates and pricing are great and are equal to the lowest levels in the history of the mortgage industry.

The market seems to have hit a bottom, as lenders are not offering below a certain level on the rate and pricing even when the market improves. 

MY BEST VALUES OF THE WEEK:

30 Year Fixed at 3.625% paying .67 points

30 Year Fixed High Balance Loan at 3.875% paying .32 points

Below are rates available today paying a point or less:

30 year fixed: 3.625% paying .67 points, 3.875% paying 0 points

20 year fixed: 3.5% paying .32 points, 3.625% paying 0 points

15 year fixed: 2.875% paying .80 points, 3.125% paying 0 points

5/1 ARM: 2.375% paying .84 points, 2.75% paying 0 points

7/1 ARM: 2.625% paying .9 point, 2.75% paying 0 points

30 year fixed High Balance Loan: 3.875% paying .34 points, 3.99% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .7 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

30 Year Fixed at 3.625% with .67 points

INTEREST RATES IMPROVE AGAIN / 30 YEAR FIXED AT 3.625%

INTEREST RATES IMPROVE AGAIN / 30 YEAR FIXED AT 3.625%

April 30th, 2012

The MBS Market closed last week trading up (+16 bps).

Mortgage rates continue to improve as more and more investors are concerned regarding the slumping economy and the still unresolved Europe debt crisis.

30 year fixed rates are now down to 3.625% and the 30 year fixed High balance loans are down to 3.875%. This is a great time to lock. These are the lowest interest rates I have seen in a couple of months.

The Fed Meeting last week didn’t cause as much drama as some anticipated. Ben Bernanke’s statement said that the FED is still committed to keeping interest rates low through the end of 2014, and will not be doing another round of mortgage backed security purchases at this time. They kept this open ended, saying the FED will act if it was needed to help the economy.

Below are rates available today paying a point or less:

30 year fixed: 3.625% paying .99 pts, 3.99% paying 0 points

20 year fixed: 3.5% paying .63 points, 3.75% paying 0 points

15 year fixed: 2.875% paying .91 points, 3.125% paying 0 points

5/1 ARM: 2.25% paying .97 points, 2.625% paying 0 points

7/1 ARM: 2.625% paying .77 points, 2.875% paying 0 points

30 year fixed High Balance Loan: 3.875% paying .69 points, 4% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .7 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

INTEREST RATES IMPROVE AGAIN / 30 YEAR FIXED AT 3.625%

30 Year Fixed Rates Back to 3.875%

30 YEAR FIXED BACK TO 3.875% 

April 16th, 2012

The MBS Market closed last week trading (-6 bps.)    

30 Year Fixed Rates dropped to 3.75% on Tuesday and were there for a day or two, but pulled up around Thursday.  3.75% rates are still available, but will just typically cost more than 1 point to get.

There are some housing reports and other financial data coming out next week that should give a clearer picture of the housing market as a whole.  Europe is back in the news and anything negative coming from their debt crisis could push rates lower.

I expect rates to remain relatively stable this week.  Big changes could come next week.  There is a Federal Open Market Committee meeting, which typically causes a large surge in rates one way or the other.

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .3 points, 3.99% paying 0 points

20 year fixed: 3.625% paying .65 point, 3.875% paying 0 points

15 year fixed: 2.99% paying .8 point, 3.25% paying 0 points

5/1 ARM: 2.5% paying .68 points, 2.75% paying 0 points

7/1 ARM: 2.75% paying .63 points, 3% paying 0 points

30 year fixed High Balance Loan: 4% paying .266 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3% paying .8 points, 3.25% paying 0 points

30 year fixed VA: 3.75% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

30 Year Fixed Rates Back to 3.875%

HARP 2.0 GUIDELINES

HARP 2.0 GUIDELINES:

March 22nd, 2012

Below are my official guidelines for HARP 2.0 Lending.  Not every lender has the same guidelines, so just because you don’t qualify with one does not mean you do not qualify with another.

Remember that you can not qualify for a HARP loan without your loan being backed by FANNIE MAE or FREDDIE MAC, and you must have taken the loan out before May of 2009 – no exceptions.  To find out if you are backed by FANNIE MAE or FREDDIE MAC, please follow the links below the guidelines.

HARP 2.0 GUIDELINES:  
FANNIE MAE DU REFI PLUS II
OCCUPANCY MAX LTV MAX CLTV w/2nd
PRIMARY 150% Unlimited
SECOND 125% 125%
INVESTMENT 105% 105%
 
FREDDIE MAC RELIEF OPEN ACCESS II
OCCUPANCY MAX LTV MAX CLTV w/2nd
PRIMARY 105% Unlimited
SECOND 105% Unlimited
INVESTMENT 105% Unlimited
* If loan is serviced by Flagstar – We can loan 125% LTV/CLTV on all occupancies

FANNIE MAE AND FREDDIE MAC LOOK UP: 

FANNIE MAE: http://www.fanniemae.com/loanlookup/

or

FREDDIE MAC: https://ww3.freddiemac.com/corporate/

HARP 2.0, Barrack Obama, Updated HARP, New HARP, New HARP guidelines, DU REFI PLUS, FANNIE MAE, FREDDIE MAC FORECLOSURE RELIEF, freddie mac open access, December 2011, Freddie Mac, No appraisal refinance, unlimited ltv, underwater, upside down, no equity, no appraisal refinance, Unlimited combined loan to value, 125% ltv, 105% ltv, 150% ltv, March 2012.  Refinancing for Arizona, Colorado, and California.

HARP 2.0 GUIDELINES

HARP 2.0 – IS IT FINALLY HERE?

HARP 2.0 – IS IT FINALLY HERE?

In November 2011, President Obama announced the existence of a HARP 2.0 product that was going to help more and more underwater home owners refinance into a lower interest rate loan. 

The release date was supposed to be in December 2011, but unfortunately no lenders would offer it.  Finally lenders will start offering this product..  I can offer Freddie Mac Harp 2.0 loans on Monday March 12th, and Fannie Mae Harp 2.0 loans on Monday, March 19th.  Here are the main details of HARP 2.0: 

HARP 2.0:

1.)  You must be in a FANNIE MAE or FREDDIE MAC loan taken out before May of 2009.  You can check if you are here:

FANNIE MAE: http://www.fanniemae.com/loanlookup/

or

FREDDIE MAC: https://ww3.freddiemac.com/corporate/

2.)  The LTV allowable was originally announced as unlimited, but it appears lenders are afraid to offer that at this point.  I don’t have all the details yet, but I think the Loan to Value limit will either be 150% or 125%, and unlimited combined loan to value when subordinating a second.  HARP 2.0 is only for 1st Mortgages. 

3.)  Most HARP 2.0 loans will not need an appraisal.

4.)  Allows 1 30 day late in the past 12 months – as long as it is not within the most recent 6 months.

5.)  Before, you had to have the same occupancy as when you took out the original loan.  This has now been lifted.  For example, you could not complete a HARP loan on an original primary residence that is now a rental.  Now you can.

6.)  Fannie Mae is removing the waiting periods for short sales and foreclosures for this product.

This program will help the underwater homeowners that have stayed in their home and maintained their payment, to lower their interest rate to the current market levels.  This is a great product, and I think this is a step in the right direction for our industry.

HARP 2.0, Barrack Obama, Updated HARP, New HARP, New HARP guidelines, DU REFI PLUS, FANNIE MAE, FREDDIE MAC FORECLOSURE RELIEF, freddie mac open access, December 2011, Freddie Mac, No appraisal refinance, unlimited ltv, underwater, upside down, no equity, no appraisal refinance, 125% LTV, unlimited CLTV, HARP 2.0 for March 2012, HARP 2.0 interest rates, eligibility for HARP 2.0, Today’s Interest Rates for Harp 2.0,  Refinancing for Arizona, Colorado, and California.

HARP 2.0 – Is it Finally Here?