The Homeowner Affordability and Stability Plan (HASP), summary and analysis
The Homeowner Affordability and Stability Plan (HASP) is by and large good news. The devil is often in the details with newly announced initatives, and I will keep you posted as more specifics become known. March 4 is the date when most initiatives launch. The plan will help many, but not all - and lenders are incented to help, but they don't have to. Read more
HASP highlights
HASP information
Not all modifications fit under HASP
Modification eligibility under the plan is (or will be) defined - but the actual modification formula is not. Lenders are not required to include any loan under the plan, and each lender will have a unique approach to eligibility and what modifications will look like. Also some situations do not fit under the plan at all, including:
- Second mortgages
- Properties other than primary residence
- Jumbo loans (over $417,000)
- Private label loans: non-FHA and non-GSE (Fannie, Freddie, VA, others) loans
Rates for all products down
For the week ending Feb 19th the 30-year fixed averaged 5.04% with an average 0.7% fee, down from last week when it averaged 5.16%. This time last year it averaged 6.04% Freddie Mac rate surveys.
For the week ending Feb 19th the 30-year fixed averaged 5.04% with an average 0.7% fee, down from last week when it averaged 5.16%. This time last year it averaged 6.04% Freddie Mac rate surveys.
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"It is human nature to think wisely and act in an absurd fashion"
Anatole France (1844-1924)
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