The government's new, revamped HARP program is 6 weeks from release. Homeowners in AZ and nationwide are gearing up to refinance. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the government's loan product for "underwater homeowners". HARP makes current mortgage rates available to households which would otherwise be … [Read more...]
Banks Start To Loosen Up In Underwriting
February 3, 2012 By Leave a Comment
After a half-decade of tightening mortgage guidelines, banks are starting to "loosen up". The Federal Reserve conducts a quarterly survey of its member banks and, last quarter, not a single responding bank reported having tightened its mortgage guidelines for prime borrowers. A "prime borrower" is defined as one with a well-documented credit … [Read more...]
Mortgage rates hit new record lows
December 16, 2011 By Leave a Comment
Long-term mortgage rates fell to record lows this week. A 30-year fixed-rate mortgage averaged 3.94 percent in the week ending Dec. 15, down from 3.99 percent last week, according to Freddie Mac ’s (OTC BB: FMCC) weekly’s rate report, matching an all-time low for 30-year mortgages. The average rate on a 30-year fix is nearly one … [Read more...]
Conforming Loan Limits Unchanged For 2012
November 25, 2011 By Leave a Comment
A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac. Conforming mortgage guidelines are Fannie's and Freddie's eligibility standards; an underwriter's series of check-boxes to determine whether a given loan should be approved. Among the many traits of a conforming … [Read more...]
Maximum FHA Loan Limits Restored To $729,750
November 22, 2011 By Leave a Comment
After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750. The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA's mortgage market share, which has … [Read more...]
Government Releases Additional HARP Guidance For Underwater Homeowners
November 16, 2011 By Leave a Comment
Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across AZ and nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates. … [Read more...]
