Mortgage rates up; HARP numbers way up

Posted on Aug 10, 2012 in HARP Refinance

Question by Boatalot: We have a FHA Mortgage with 0 down. We have paid on our mortgage for 2 years. Can we refinance the FHA to low?
We’d like to refinance the FHA mortgage to a lower interest rate. Can we do this since we don’t have 20% of the 30 year mortgage paid down yet? Any tips we should know about?

Best answer:

Answer by Vegas
Most banks now require 20% equity. Good luck finding one. It may be hard though.

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banks defrauded home loan , order said request
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fha home loans
by BuzzFarmers

Question by Marci S: How does an FHA home loan differ from other home loans?
I’m looking at houses online and some of them say FHA buyers welcome. Does this mean that some people don’t want to deal with someone who has an FHA loan? Please also tell me anything you know about FHA loans. Thanks.

Best answer:

Answer by Dan P
A Federal Housing Administration (FHA) loan is a popular way to buy homes now which involve only 3.5% down as opposed to the conventional loans that require 20%. This means more money in your pocket. The trade-off is that the payments are a bit higher (~100 dollars) for the first 5 years.

Not all lenders are FHA approved, and as the government has strict regulations over who can do them. This means that a realtor needs to know loan officers who are FHA approved to offer that loan program. FHA makes the programs, FHA-lenders carry them out.

For more information about FHA loans visit the HUD website. http://www.hud.gov/buying/loans.cfm

Edit:
ExpertRealtor, not to be nitpicky, but you did not say anything that was different from what I said… And actually, it is you that is mistaken, there ARE strict guidelines to be FHA approved… If you’ve been watching the news recently, earlier this May 2009, about 120+ lenders were dropped by HUD for writing loans “the easy way” as you so fondly put it… Please keep your community answers to relevant and updated information for August 2009… Thank you.

source:
http://www.hud.gov/news/release.cfm?content=pr09-070.cfm

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Mortgage rates up; HARP numbers way up
The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 3.69 percent, treat according to the Weekly Mortgage Rates Radar. Conforming 5/1 Hybrid … Tags: HARP, Mortgage Rates, Refinance · email · Print …
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Mortgage Late-Pay Rate Down 9% This Year: TransUnion
“The pace of improvement should pick up when we review third quarter results, helped by a few months of relatively good news on home prices, this year's resurgence in refinance activity related to HARP 2.0 and record low mortgage interest rates,” said …
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