Info on Harp was updated. Here is the latest. In a few hours we should be hearing from Obama on his ideas to help out us poor credit risk homeowners.
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/
HARP is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. The program is offered to borrowers whose loans were sold to Fannie Mae and Freddie Mac on or before May 31, 2009, with current loan-to-value (LTV) ratios above 80 percent.
New program enhancements change several aspects of HARP including:
• Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages, and lowering fees for other borrowers.
• Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
• Waiving certain representations and warranties for lenders that make loans backed by Fannie Mae and Freddie Mac.
• Eliminating a new property appraisal if there is a reliable AVM (automated valuation model) estimate provided by Fannie Mae or Freddie Mac.
• Extending the end date for HARP until Dec. 31, 2013, for loans originally sold on or before May 31, 2009.
Mortgage lenders should have more information about the HARP program changes by Nov. 15, 2011. Since participation isn’t mandatory, implementation schedules will vary.
Monday, October 24, 2011
Palm Coast Part of New “$100 Down” HUD Program to Sell Foreclosures!
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
Florida is one of several select states, from now into October of next year, where buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Atlanta Homeownership Center’s Jurisdiction:
• Alabama
• Florida
• Georgia
• Kentucky
• Illinois
• Indiana
• Mississippi
• North Carolina
• South Carolina
• Tennessee
• Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/
Florida is one of several select states, from now into October of next year, where buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Atlanta Homeownership Center’s Jurisdiction:
• Alabama
• Florida
• Georgia
• Kentucky
• Illinois
• Indiana
• Mississippi
• North Carolina
• South Carolina
• Tennessee
• Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/
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