HARP is available for Freddie Mac Mortgages - 05/18/12 05:37 AM
  Freddie Mac and HARP  
The Home Affordable Refinance Program, commonly known as HARP is available for Freddie Mac mortgages too. 
 
When the HARP 2.0 program rolled out at the end of 2011, it offered holders of Conventional Mortgages the opportunity to refinance their homes and take advantage of low interest rates even if the value of their home had dropped.  Conventional mortgages are made up of mortgages that are backed either by Fannie Mae or Freddie Mac.
 
Remember: Even if you make your mortgage payments to a particular bank or mortgage lender, if you have a … (0 comments)

FHA Mortgages: Documenting the Transfer of Gift Funds - 05/05/12 05:09 AM
FHA Mortgages and Gift Funds
 
FHA Mortgages allow borrowers to use Gift Funds to meet the 3.5% down payment requirement.  When using Gift Funds to purchase a home it is important that Gift Funds be documented properly to avoid any issues with the FHA underwriting process.  The primary intention of these rules is too make sure that the FHA borrower is not also borrowing their required 3.5% downpayment and that these funds truly are a gift.  
Acceptable souces for these gifts  
a borrower's relative a close friend with a clearly defined and documented interest in the borrower a charitable organization a government … (15 comments)