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kevin kueneke: Have You Been Turned Down On A HARP Deal 2.0 Refinance? - 05/22/12 10:02 AM
Different lenders have different criteria for HARP 2.0 Refi. Many servicing lenders have guideline overlays on the original program (meaning they layer additional criteria onto the program).
Two common overlays are Loan To Value (LTV) and Credit Score restrictions. The original HARP Deal 2.0 Guidelines do not have a cap on LTV of credit scores.
Loan To Value is represented by a percentage, for example if your home was valued at $100,000 and you owed $150,000 your LTV would be 150%.
Credit scores are a reference to FICO scores, a method of analyzing your credit using an algorithm to statistically … (0 comments)

kevin kueneke: HARP 2.0 Refi - Do I Have To Refinance To A 30 Year Mortgage? - 05/22/12 09:49 AM
When refinancing a Fannie Mae or Freddie Mac loan under the new HARP 2.0 Program do you have to refi to a full 30 year term?
As mentioned in previous blogs lenders have different Harp 2.0 credit guidelines or overlays within their program; but the simple answer is No.
You may use a HARP 2.0 refinance to a lower term to save thousands of dollars at the tail end of the loan. Recently we originated a HARP 2.0 loan for a San Diego property owner and it made sense for them to refinance to a 20 year term.
They are … (0 comments)

kevin kueneke: San Diego CA: Residential Loan Specialist In San Diego - 05/13/12 05:54 AM
As a residential loan specialist in San Diego, Kevin Kueneke has been helping people finance their homes for over nineteen years. A firm believer in the old saying that “land is the basis of all wealth”, as a residential loan specialist in San Diego, Kevin has worked hard to help his clients achieve a piece of that wealth through home ownership. Helping clients navigate through the multitude of financing options available, Kevin is able to tailor a mortgage to fit their specific needs in what may be the largest financial transaction in their life. Being a residential loan specialist in San Diego, … (0 comments)

kevin kueneke: Del Mar CA: Residential Loan Specialist In Del Mar - 05/06/12 10:38 AM
As a residential loan specialist in Del Mar, Kevin Kueneke has been helping people finance their homes for over nineteen years. A firm believer in the old saying that “land is the basis of all wealth”, as a residential loan specialist in Del Mar, Kevin has worked hard to help his clients achieve a piece of that wealth through home ownership. Helping clients navigate through the multitude of financing options available, Kevin is able to tailor a mortgage to fit their specific needs in what may be the largest financial transaction in their life. Being a residential loan specialist in Del Mar, … (0 comments)

kevin kueneke: VA Streamline Refinance In Oceanside CA - 04/08/12 09:00 PM
If you are shopping for a VA Streamline Refinance Loan for Oceanside, CA let over 19 years of experience work for you.
Experience AND new ideas count when helping you close your VA Streamline Refinance Home Loan in Oceanside CA. For a VA Streamline Refinance Consider Kevin Kueneke.
Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about VA and HUD loans, and a proven track record of excellent customer service.
Your VA Streamline Refinance home loan mortgage professional needs to be backed by one of the … (1 comments)

kevin kueneke: The HARP Deal 2.0 - Does Condo Owner Occupancy Ratio Matter? - 04/08/12 08:27 PM
The HARP Deal 2.0 - We often hear the term "owner occupancy ratio" which refers to the percentage of condominium owners that actually occupy their units in a condo project.  The idea is that the lower the owner occupancy ratio, the greater the chance of a condo project going under. 
Why?  Because when hit with a financial hardship, a homeowner is more likely to stop paying the mortgage on a property in which they do not live vs. good ol' Home Sweet Home.
As I have stated in a previous post, Less Than 51% Owner Occupancy? OK For Conventional Loans, … (0 comments)

kevin kueneke: VA Streamline Refinance In San Diego County CA - 04/08/12 07:38 PM
If you are shopping for a VA Streamline Refinance Loan for San Diego County, CA let over 19 years of experience work for you.
Experience AND new ideas count when helping you close your VA Streamline Refinance Home Loan in San Diego County CA. For a VA Streamline Refinance Consider Kevin Kueneke.
Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about VA and HUD loans, and a proven track record of excellent customer service.
Your VA Streamline Refinance home loan mortgage professional needs to be backed … (1 comments)

kevin kueneke: The HARP Deal 2.0 - Maximum Loan Amounts For Various CA Counties - 04/08/12 05:36 PM
The HARP Deal 2.0 - One thing to keep in mind for the HARP Deal 2.0 is that the new loan amount may exceed the "regular" Conforming limit of $417,000 for many California properties.
These loans, known as High Balance Conforming for Fannie Mae and Super Conforming for Freddie Mac, must still meet the income, credit, occupancy guidelines of the HARP Deal 2.0 for regular Conforming loans.
Here are some of the 2012 loan limits for the HARP Deal 2.0 for loans originated in various California counties:
San Diego: $546,250  Contra Costa: $625,500Alameda: $625,500Alpine: $463,450El Dorado: $474,950Los Angeles: $625,500Marin: $625,500Mono: $529,000Monterey: $483,000Napa: … (0 comments)

kevin kueneke: FHA Mortgage Loan In Pasadena CA, No Appraisal Refinance Available - 04/01/12 09:09 PM
If you are shopping for an FHA Loan for Pasadena, CA let over 19 years of experience work for you.
Experience AND new ideas count when helping you close your FHA Home Loan in Pasadena CA. For your next home purchase or refinance consider Kevin Kueneke.
Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about FHA and VA loans, and a proven track record of excellent customer service.
Your FHA home loan mortgage professional needs to be backed by one of the nations most well respected … (0 comments)

kevin kueneke: FHA Mortgage Refinance In Rancho Santa Margarita CA - 03/30/12 12:15 PM
If you are shopping for an FHA Loan for Rancho Santa Margarita, CA let over 19 years of experience work for you.
Experience AND new ideas count when helping you close your FHA Home Loan in Rancho Santa Margarita CA. For your next home purchase or refinance consider Kevin Kueneke.
Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about FHA and VA loans, and a proven track record of excellent customer service.
Your FHA home loan mortgage professional needs to be backed by one of the … (0 comments)

kevin kueneke: The HARP Deal 2.0 - Are You Underwater In Orange County CA? - 03/16/12 07:34 PM
The HARP Deal 2.0 - Are you underwater in Orange County California?  One of the main changes with the HARP Deal 2.0 is that loan to value (LTV) no longer matters.
What is loan to value?  Loan to value is your loan amount divided by the value of the home.  Previous versions of the HARP Deal capped this at 105% and 125%.  This was still not enough for many underwater Orange County California homeowners. 
Great news!  If you purchased your Orange County California home prior to June 1st, 2009, you may qualify for the HARP Deal 2.0.  This applies to … (0 comments)

kevin kueneke: The HARP Deal 2.0 - What If I Rent It Out Now? - 03/11/12 07:53 PM
The HARP Deal 2.0 - I have been asked this question several times in the last week: I bought my home as my primary residence, but now I rent it out.  Can I still qualify for the HARP Deal 2.0? 
Assuming you meet all of the other criteria (click HERE to read the main guts of the HARP Deal 2.0), occupancy does not affect eligibility.
As mentioned in a previous post, The HARP Deal, Eligible Occupancy and Property Type, the home can be a:
Primary Residence Second Home Investment Property Will an Investment Property loan under the HARP Deal 2.0 … (0 comments)

kevin kueneke: The HARP Deal 2.0 - Is Your Oceanside CA Home Underwater? - 03/04/12 07:15 PM
The HARP Deal 2.0 - Are you underwater in Oceanside California?  One of the main changes with the HARP Deal 2.0 is that loan to value (LTV) no longer matters.
What is loan to value?  Loan to value is your loan amount divided by the value of the home.  Previous versions of the HARP Deal capped this at 105% and 125%.  This was still not enough for many underwater Oceanside California homeowners. 
Great news!  If you purchased your Oceanside California home prior to June 1st, 2009, you may qualify for the HARP Deal 2.0.  This applies to Primary residences, 2nd … (2 comments)

kevin kueneke: The HARP Deal 2.0 - Is Your San Diego County Home Underwater? - 03/04/12 05:32 PM
The HARP Deal 2.0 - Are you underwater in San Diego County California?  One of the main changes with the HARP Deal 2.0 is that loan to value (LTV) no longer matters.
What is loan to value?  Loan to value is your loan amount divided by the value of the home.  Previous versions of the HARP Deal capped this at 105% and 125%.  This was still not enough for many underwater San Diego County California homeowners. 
Great news!  If you purchased your San Diego County California home prior to June 1st, 2009, you may qualify for the HARP Deal 2.0.  … (1 comments)

kevin kueneke: The HARP Deal 2.0 - Are You Underwater In Los Angeles County? No Problem - 03/04/12 05:20 PM
The HARP Deal 2.0 - Are you underwater in Los Angeles County California?  One of the main changes with the HARP Deal 2.0 is that loan to value (LTV) no longer matters.
What is loan to value?  Loan to value is your loan amount divided by the value of the home.  Previous versions of the HARP Deal capped this at 105% and 125%.  This was still not enough for many underwater Los Angeles County California homeowners. 
Great news!  If you purchased your Los Angeles County California home prior to June 1st, 2009, you may qualify for the HARP Deal 2.0.  … (0 comments)

kevin kueneke: The HARP Deal, If You Refinanced After 5/31/2009 You Are Not Eligible For HARP 2.0 - 03/04/12 08:28 AM
One of the main requirements of the HARP Deal 2.0 is that the loan must have been closed and delivered to Fannie Mae (FNMA) or Freddie Mac (FHMLC) prior to June 1, 2009. There are no exceptions to this requirement to qualify for the Fannie DU Refi Plus or the Freddie LP Open Access. As stated in a previous post, The HARP Deal, Does Your Loan Qualify?, not only does your loan need to be owned by Fannie or Freddie, but: the loan must not be in default (additional credit requirements apply) the loan can not be a Government loan (FHA, … (2 comments)

kevin kueneke: It's Official, FHA Increasing Mortgage Insurance Premiums April 9th - 02/28/12 11:11 AM
We have all heard the rumors over the last few months that the Federal Housing Administration (FHA) planned to increase their mortgage insurance premiums, but no one really knew when.
In yesterday's press release FHA Takes Additional Steps To Bolster Capital Reserves, acting FHA Commissioner Carol Galante announced a new premium structure for FHA-insured single family mortgage loans. 
The Upfront Mortgage Insurance Premium (UFMIP), typically financed, will increase from 1.0% of the base loan amount to 1.75% of the base loan amount.  On a $300,000 purchase price, this increase will affect a borrower's monthly payment by about $10 per month … (0 comments)

kevin kueneke: The HARP Deal, Credit Requirements - 02/24/12 10:19 PM
The HARP Deal, officially going live to lenders and borrowers on Monday March 19, 2012, has very generous credit requirements, namely:
***NO MINIMUM CREDIT SCORE IS REQUIRED***
Mortgage history is also far less stringent for the HARP Deal than other loan programs.  The Fannie Mae (FNMA) underwriting engine is called Desktop Underwriter, or DU.  The Freddie Mac (FHLMC) underwriting engine is called Loan Prospector, or LP.  Here are the corresponding HARP Deal mortgage history guidelines:
Fannie DU: must be current Freddie LP: 0x30 late in the past 6 months and 1x30 allowed in the last 7-12 months As far as Bankruptcy … (2 comments)

kevin kueneke: The HARP Deal, Required Borrower Benefits - 02/24/12 10:14 PM
One of the requirements of the HARP Deal is that the borrower must have at least one benefit from the transaction.  The Fannie Mae guide is more specific calling the benefit a "movement to a more stable product" namely:
A mortgage loan with an interest-only feature to a fully amortizing mortgage product An adjustable rate mortgage (ARM) to a fixed rate mortgage (FRM) which would eliminate the potential for future payment shock An ARM to a new ARM with an initial fixed period of five years or more, and equal to or greater than that of the existing mortgage (elimination of pending payment … (0 comments)

kevin kueneke: The HARP Deal 2.0, Can You Choose Your Own Lender? - 02/24/12 09:46 PM
The HARP Deal 2.0, Can You Choose Your Own Lender?
YES YOU CAN.  A common misconception regarding the HARP Deal 2.0 is that borrowers can only take advantage of the expanded refinance guidelines of the HARP Deal 2.0 if they refinance through their current servicing lender.  This is not true. 
The DU Refi Plus program (Fannie Mae) and the LP Open Access program (Freddie Mac) may be offered by any lender selected by the borrower because DU and LP will automatically determine whether or not Fannie/Freddie are the owners of the loan.  This is regardless of the lender entering the casefile for the … (2 comments)