HARP loans can be extended, viagra approved by 125 percent loan-to-value added
article by Robert Hyder
The Home Affordable Refinancing Program (harp), information pills the major initiative in President Obama’s Making Home Affordable plan may be extended to the refinancing of mortgages up to 125% of the homes Loan -to-value (LTV) will be extended. Currently, DU Refi Plus allows Fannie Mae and Freddie Mac refinance mortgage relief for homeowners to refinance up to 105% of the value of their homes. The intention is to rekindle HARP loans in the mortgage industry, a major setback due to the subprime crisis was dealt with was to support, combined with rapidly declining real estate values.
Although it is still unknown if the LTV ratio is increased, Federal Housing Finance Agency Director James Lockhart, said recently. “We are actively considering such a program, that makes sense to structure more than 105%” So far, the harp loan program helped more than 20,000 houses and apartment owners refinance into lower mortgage rates or more favorable mortgage terms, while it was initially believed it would be nearly 9 million homeowners to help. Robert Hyder-why Total Mortgage
Total Mortgage is an industry leading mortgage brokers and lenders, having promoted over billions of mortgage loans since 1997. The mortgage professionals at Total Mortgage have become trusted financial partners with thousands of homeowners across the country. From our enthusiastic and knowledgeable staff of licensed loan officers, our competent and dedicated closing department, and everything in between, Total Mortgage has the tools to get the job done right. Our advanced processing technology allows us to treat each individual file with tremendous attention, while our in-house underwriting, the speed and flexibility that today is not typical of the mortgage industry. Whether you are home buyers for the first time or simply to refinance only, Total offers mortgages a variety of products and programs to meet your needs, including fixed-rate mortgages, adjustable-rate mortgage (ARM), jumbo mortgages, reverse mortgages, FHA match loans and much more. Visit TotalMortgage.com for today’s current mortgage rates.
About the Author Robert Hyder
the web editor and contributing writer for Web Content Total Mortgage Services, LLC, and all related sister sites. Total Mortgage Services, LLC is an industry leading mortgage brokers and lenders in Milford, Connecticut resident. To totalMortgage.com
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5 Actions That Effected The Housing Market Of 2011
Article by Todd McCauley
In a new article in Time Magazine, sales Jed KolKo, a journalist, communicated 5 noteworthy actions that impinged on the housing market of 2011. Their results were both direct and “slow burning” Kolko said; “Government, the mortgage industry and forces of nature all shook the housing market in 2011”.
Initially among The Times list of five was the “robo-signing reverberations”. In October of 2010, banks were held accountable for sanctioning foreclosures that were either unfinished or had imprecise documentation; this was referred to as the robo-signing scandal. In effect this instigated enormous hesitation among banks, who now carefully take up foreclosures, postponing loads more within the process. Currently there is a build-up of foreclosures backed-up and waiting within the system.
Debt ceiling and the budget deficit was the next matter of conversation. During August of 2011 the doubt of whether to raise the debt ceiling was of much significance for the government. Prior to this deliberation it was already widespread knowledge that the federal budget was not up to norm. At this time the dialog is concerned about decreasing the mortgage interest rates and other tax deductions. This may well cause high-income homeowners that have mortgages to exhaust more in taxes.
The Home Affordable Refinance Program (HARP) allowed homeowners that were underwater to refinance, as said by the Federal Housing Finance Agency (FHA) in October. The only stipulation was that borrowers had to be up to date in their payments. As a result, borrowers not meeting their payments on time, seeking such help, would not qualify to receive any from HARP. The Times said, that this will, “stimulate the economy without having to get congress to agree on additional stimulus.”
In 2011, the National Flood Insurance Program (NFIP) was even now financially encumbered down from the debt buildup subsequent to Hurricane Katrina. For that reason, NFIP’s insurance premiums do not fully shield any insurance demands made when such natural hardships take place. The incident of Hurricane Irene brought with it a good deal of flooding and water destruction also. In districts prone to flooding, someone could not acquire a mortgage while lacking flood insurance. So, the housing market comes to a stand-still in such locales, without NFIP.
Loans that were backed by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration (FHA) had their upper limit lowered by the government in October of 2011. The limit was lowered to 5,500 from 9,750. It was said that by lowering this limit the housing market was accordingly not as reliant upon the government.
On the other hand the real estate industry pushed to have the limits raised again. In compliance the government increased the loan limit back up only for the FHA, not for Fannie or Freddie. The times related, “Mortgage lenders are willing to charge lower rates for loans that are backed by Fannie or Freddie; with a lower conforming loan limit, a small number of loans that used to qualify for federal backing no longer do.”
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