Refinance Program HARP 2.0 is Here….

The cornerstone of Trulending Mortgage is a fierce commitment to integrity, service and expertise and these core values have, thankfully, resulted in client relationships for life. Please visit our testimonial section to see what our customers are saying;

HARP 2.0 (Home Affordable Refinance Program):
Finally, this past week Fannie Mae and Freddie Mac released the much anticipated guidelines for HARP 2.0. Under this plan, homeowners with loans backed by Fannie Mae and Freddie Mac that meet certain requirements will be eligible to refinance their mortgages through 2013. Here are some highlights,

  • Unlimited Loan To Value to 700 FICO score on primary & 2nd homes
  • 125% LTV down to 660 FICO score on Primary and 2nd homes
  • investment/rental properties qualify but max LTV is 105%
  • Debt to Income ratios as high as 55%!
  • Appraisal not required based on LTV (case by case basis)

FHA Streamline Refinances:
As I mentioned in last month’s email, the easiest refinance to do is an FHA streamline refinance. FHA is increasing their mortgage insurance premiums (MIP) in April. In order to secure the lower MIP premium, we have to request FHA case numbers from FHA by end business on Friday, April 6th

  • No appraisal required
  • No income verification (Use income from original application)
  • We pull a mortgage only credit report and exclude all other liabilities
  • We use the original appraised value to determine the loan to value (LTV)
  • Minimal liquid assets required

Mortgage Rates:
During the past few weeks rates moved up rapidly as the economy continues to heal, but we have recovered a bit of lost ground today. If you have been “floating” your rate over the past two weeks, waiting for things to come back, we are at levels where it’s starting to make more sense to lock in a low rate.

Give us a call if you are still thinking of refinancing or are looking at purchasing a home or investment property, We will provide you a no obligation free quote. Chances are if you are working with aretail loan officer, the rates offered are much higher than what we can offer.

Current Conforming Rates (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog on our website
Loan Program Monthly Pmyt Rate APR Points
30YF $1192 3.99% 4.00% 0
20YF $1482 3.75% 3.87% 0
10YF $2442 3.25% 3.92% 0
15YF $1741 3.125% 3.92% 0
5/1 ARM $1020 2.75% 3.12% 0
7/1 ARM $1037 2.875% 3.37% 0
FHA-30YF $1157 3.75% 3.98% 0
FHA-15YF $1756 3.25% 3.87% 0


Current High Balance Rates – Max Loan Amount $625,500 (Pmyts based on a avg loan amount of $550,000)
30YF $2625 4.00% 4.25% 0
15YF $4433 3.375% 3.87% 0
5/1 ARM $2547 3.75% 4.12% 0
7/1 ARM $2586 3.875% 4.25% 0
FHA-30YF $2547 3.75% 4.00% 0

Disclosure: These are our current conforming and High Balance rates based on primary residences only, your actual rate could be higher depending on several “Risk Factors” such as credit score, LTV, Cash-out, Investment prop, 2nd home, zero cost etc. Please call us for an accurate custom quote including jumbo loans up to $2 million and beyond

We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family Forward this message to a friend


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