The Government has announced a second version to it’s Home Affordable Refinance Plan (HARP 2.0).Although the initial HARP program helped some, it’s reach was much less than was originally expected.Loan Level Price Adjustments (LLPAs) implemented by Fannie Mae and Freddie Mac made refinancing underwater homeowners challenging.The original HARP was released in 2009 but failed to reach enough home owners due to high borrower costs associated with loan level price adjustments and an increased layer of risk for banks.HARP’s intention was to allow homeowners to refinance at current mortgage … (2 comments)
The new construction housing market continues to show strength across the country. According to the U.S. Census Bureau, Single-Family Housing Starts rose to 447,000 units on a seasonally-adjusted, annualized basis in November — a 2 percent increase from October. A “Housing Start” is defined as breaking ground on new home construction. November’s figures mark the third straight month of Single-Family Housing Starts gains. The new construction metric is now 15 percent above its all-time low, set in February of this year. None of this should be a surprise to new home buyers in Chicago. … (4 comments)
HARP 2.0: Same Low Mortgage Rates with Unlimited Loan to Values
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