HARP reaches 1 million homeowners.

Are you are homeowner who has been near or underwater on their home value over the last few years?  Have you taken advantage of HARP 2.0?  If not, see if you qualify here.  

HARP reaches 1 million homeowners:

Just a little over a year after the Home Affordable Refinance Program (HARP) was substantially revised into HARP 2.0 it has reached nearly as many homeowners as in the two-and-a-half years that preceded the revisions.  In November 2012 nearly 130,000 homeowners refinanced through HARP, bringing the total transactions through the program since its inception in April 2009 to 2.09 million. About 1.04 million of these have occurred since HARP 2.0 became effective in December 2011.

If you are a resident of California or Arizona and would like me to evaluate your existing mortgage situation, please feel free to contact me at 480-385-1422.

Additionally, if you are an Arizona homeowner and still upside down on your house, you may qualify for a HARP 2.0 principal reduction assistance plan through the Arizona Department of Housing.  (see details)

Until Next Time,

Craig Turley

H/T:  Mortgage Daily News

Annual FHA MIP increases go into effect April 2013.

This is no April Fool's joke.  

Home shoppers desiring to utilize FHA as their qualifying home financing vehicle and certain FHA refinance candidates will have to pay a little more after April 1, 2013.

Consistent with FHA’s ongoing efforts to strengthen the Mutual Mortgage Insurance Fund, FHA (HUD) is increasing the annual MIP (mortgage insurance premium) on all forward mortgages except single family forward streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009 (see ML 2012-4).

Effective Date:  The section of this ML that increases the annual MIP is effective for case numbers assigned on or after April 1, 2013.

Additional changes to duration of annual MIP will go into effect June 3, 2013.  More on this later, or if you would like to review the HUD Mortgagee letter 2013-04 now, click here.

If you are in Arizona or California, please feel free to contact me for a mortgage review and beat the increase.

Until Next Time,

Craig Turley

Earn up to 4% interest in your checking account? Without Fees? Kasasa!

Is Your Piggy Bank Too Skinny?

Can you earn 2, 3, or maybe even 4% in your checking account with no fees, and no minimum balance?

You bet you can.

The Kasasa checking account, offered by some community banks and credit unions across the country, is providing checking account interest rate returns which far exceed some of those big bank folks you may have your checking account with.

To good to be true, right?

Wrong.

Kasasa has elected to pass back savings to customers who eliminate paper statements and also reward customers who use their debit card a minimum amount of times throughout the month.  If for some reason, you do not meet the minimum debit card transaction qualifier, you would get paid a significantly lower APR -so it is a program for a specific customer.

Find out more about Kasasa here.

Until Next Time,

ct

Craig Turley is a 20 year mortgage industry professional.  If you are in the market to purchase a new home or refinance an existing home in the Arizona and California markets - contact Craig.

**Please investigate the Kasasa checking account for your personal needs.  This is for informational purposes only.**

The Responsible Homeowner Refinancing Act of 2013

Readers note:  I rarely get excited about proposed legislation.  However, if this sifts through the sludge of Washington D.C., there may be some benefit to homeowners paying their mortgage on a timely basis.  So for that, I thank you Senators Menendez and Boxer.

Proposed Legislation:

Two U.S. Senators have reintroduced legislation to help homeowners refinance into lower interest mortgages. The bill,The Responsible Homeowner Refinancing Act of 2013, removes the barriers preventing the Fannie Mae and Freddie Mac borrowers from refinancing their loans at the lowest rate possible.

The legislation, introduced by Robert Menendez (D-NJ) and Barbara Boxer (D-CA) had failed to pass the 112^th Congress.   If passed it would direct the GSEs to require the same streamlined underwriting and associated representations and warranties under the Home Affordable Refinancing Program (HARP) to new servicers who now face stricter underwriting guidelines fear greater risk from putbacks and loan repurchases than do the current servicers who already have the risk.  This would level the playing field and unlock competition between banks for borrowers' business. 

(read all the details here)

Typically, I would summarize the details of this proposed legislation; however, it is in its initial stages and there is no need to raise hopes.   Hopefully, it will include extending the dates on HARP program past the current expiration 12/31/2013; perhaps provide language for the borrowers who are underwater and not currently backed by Fannie Mae and Freddie Mac; and finally extend the dates of eligibility.  Currently borrowers are only eligible for HARP if their loan is backed by Fannie Mae or Freddie Mac and purchased by the entities prior to June 2009.  

Keep in mind, my thoughts are only my thoughts.

Thanks for reading,

Craig Turley

If you are a homeowner in Arizona or California, please feel free to reach out to me to find out your refinance eligibility status.  It takes 5 minutes.

Happy Groundhog Day from Phil!

H/T:  Thoughts from the Canyon

Have you taken advantage of HARP 2.0 yet?

Have you taken advantage of HARP 2.0 mortgage refinance program?

HARP, the Home Affordable Refinance Program, was started in 2009 and provides relief to homeowners due to the real estate downturn, including under water mortgages.

HARP refinance program eligibility:  (AKA DU Refi Plus, Freddie Relief)

1. Your loan must be backed by Fannie Mae or Freddie Mac.
2. Your current mortgage must have a securitization date prior to June 1, 2009

If you meet these two criteria, you may be HARP eligible.  

Criteria for qualification exists and credit overlays vary from lender to lender.  Program eligibility includes primary residences, investment properties and second homes.  Individual scenarios vary.

Is your loan backed by Fannie Mae or Freddie Mac?
Fannie Mae Lookup

Freddie Mac Loan Lookup

If your mortgage is an FHA, USDA or a jumbo mortgage, you are not HARP eligible.  FHA mortgages can be refinanced via the FHA Streamline Refinance program. VA mortgages may be refinanced via the VA IRRRL mortgage program (VA Streamline Refinance).

Please feel free to contact me for a free mortgage consultation.  Let's determine if one of these programs may benefit you.

Until Next Time,

Craig Turley

Craig Turley is a 20 year mortgage industry veteran with experience as a corporate executive, entrepreneur, and banking.  He is licensed as a mortgage banker in Arizona and California.