bay area: Home Affordable Refinance Program HARP 2.0 Update San Francisco California Bay Area - 04/12/12 03:47 AM

San Francisco Bay Area Home Affordable Refinance Guidelines include:
- Removing the 125 percent loan-to-value.
- Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees for others.
- Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the GSEs
- Eliminating certain representations and warranties required of lenders to obtain the GSE guarantee. This will protect lenders from many of the buy-back requirements they face under current guidelines
- Extending availability of the program through the end of 2013
For more information on getting … (0 comments)

bay area: HARP 2 Guidelines for Refinances Appraisals Waived Montclair Oakland Piedmont - 11/01/11 10:12 AM

Direct Link
http://www.youtube.com/user/RealEstateBuzzz?feature=mhsn#p/a/u/0/FQw1fPRZuLM
The big news this week is HARP.
THE Home Affordable Refinance Program has been “re stringed”
HARP was designed to assist distressed borrowers who are current on their mortgages but “underwater” meaning they owe more than their home is worth.
It’s no surprise several studies identified these borrowers as being likely to strategically default on or walk away from their homes and foreclose.
While regulations won't be finalized until November 15th the changes to “Harp 2” include -
•Removing the 125 percent loan-to-value. •Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees … (0 comments)

bay area: Home prices in May 2009 are at levels last seen in mid-2003 - According to Case Shiller - 07/28/09 06:59 AM
Home prices across the nation improved for in May but remain about 17% lower than one year ago, according to the S&P Case-Shiller Home Price Index.

Home prices in May 2009 are at levels last seen in mid-2003, "indicating that the three years of appreciation that occurred from 2003-2006 were all given back in the following three years," said a Case-Shiller press release.
Since prices peaked in Q2 2006, the 10-City Composite has fallen  33.3%!!! Yikes!
Regionally, annual price declines remain biggest in the West and the South. Home prices in Phoenix have plummeted 34.2%, while prices are down 32.0% … (0 comments)