This is an excellent proposal and from all that I have heard, it is going to pass and go thru. At www.PrudentFundings.com we have been for 3 years now closing our clients loans for the FHA short pay refinance. Now we are able to use all the tools available to help the homeowner. Fha short pay refi for non fannie & freddie, Harp 11 for fannie and freddie and NOW this new program Harp 11 for non fannie and freddie. This along with the state and federal government setlement forcing lenders to reduce the principal on their borrowers loans will help the economy and housing market better than any other program.
Apply Today www.PrudentFundings.com or call 941.296.5236
This new proposal, which Obama mentioned in his State of the Union speech last week, would need Congressional approval. It is designed for homeowners whose loans are not owned by Fannie or Freddie. They could qualify for a new FHA-backed loan if:
?They have missed no mortgage payments in the last six months and no more than one in the past 12 months.
? They have a minimum FICO credit score of 580. This includes nine out of 10 borrowers. Anything below 620 is generally considered subprime although Fannie, Freddie and the FHA have guaranteed some loans with FICO scores as low as 580.
? They have a loan that is not larger than the FHA limits in their area. This limit ranges from $271,050 in low-cost areas to $729,750 in high-cost areas including most? area counties.
? Their loan is for a single family, owner-occupied principal residence.
Very little paperwork would be involved. Borrowers would not have to submit an appraisal or tax return. The lender making the new loan would only have to verify that the homeowner has a job. These minimal underwriting requirements are the same as under the expanded HARP plan.
If the homeowner is not employed but meets other criteria, the lender would ?have to perform a full underwriting of these borrowers to determine whether they are a good fit for the program,? according to the fact sheet.
The Administration says it will ?work with Congress to establish risk-mitigation measures which could include requiring lenders interested in refinancing deeply underwater loans (e.g. greater than 140 LTV) to write down the balance of these loans before they qualify.? The FHA would create a separate fund for these mortgages to make it easier to track their risk ?and ensure that it has no effect on the operation of the existing Mutual Mortgage Insurance (MMI) fund.?
Apply Today www.PrudentFundings.com or call 941.296.5236
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