Refinance Program Expands

In my September 2011 post titled “What We Are Hearing,” I mentioned that the Obama Administration was contemplating major refinancing programs and other incentives to keep homeowners who have either no or negative equity (underwater) in their homes. The Administration announced changes to the current HARP program that may be beneficial to you, your friends and/or your clients.

Home Affordable Refinance Program – HARP:
Under this plan, homeowners with loans backed by Fannie Mae and Freddie Mac that meet qualifications requirements will be eligible to refinance their mortgages through 2013. In its current form the program has reached fewer than one million people but the new effort is estimated to reach double that amount, perhaps two million people. A synopsis of the revised Home Affordable Refinance Program is below.

  • No LTV limits (Previous limit was 125%).You can refinance regardless of the value home(s)
  • Available for investment and second homes
  • A streamlined process will eliminate the need for appraisals and underwriting requirements are slated to be less strict
  • Loans must be current with no missed payments the last 12 months

Please call or email us and we can determine if you loan is with Fannie or Freddie. We need the property address and the last four digits of your Social Security number.

Mortgage Rates:
Rates have been extremely volatile as the European debt crisis remains unsettled and we will likely continue to see volatility as we approach year-end. We continue to follow our strong business model of keeping overhead costs extremely low and in turn passing those savings on to our customers. Chances are if you are working with a retail loan officer, the rates offered are much higher than what we can offer. Our underwriting is 24-48 hours and hassle free. Don’t send your client to the “undermining” department. We have wonderwriters waiting to work on your loans! Give us call before you decide to lock a rate, we will provide you a no obligation free quote.

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 $1175 3.875% 4.00% 0
20YF $1466 3.625% 3.87% 0
15YF $1756 3.25% 3.92% 0
5/1 ARM $1004 2.625% 3.12% 0
7/1 ARM $1054 3.00% 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 $2586 3.875% 4.00% 0
15YF $3884 3.625% 3.87% 0
5/1 ARM $2209 2.625% 3.12% 0
7/1 ARM $2318 3.00% 3.37% 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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