wisconsin: Is a HARP 3.0 Refinance Program cooming soon?
- 12/12/13 03:37 AM
A new evolution of the HARP refinance program MAY soon be upon us. HARP 3.0 looks like it’s going to gain headway and make it’s way to the streets since Mel Watt was just confirmed as the new head of the FHFA.
HARP loans in MN (Home Affordable Refinance Program) have been one of the few programs to really assist homeowners since the real estate market collapse.
The current program allows homeowners who have a loan owned by Fannie Mae of Freddie Mac to refinance to today's lower rates, even if they've lost value on the home, or are actually underwater … (0 comments)
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wisconsin: New FHA collection account rules to hurt home buyers - Learn why
- 08/27/13 03:02 AM
In a recent announcement (FHA Mortgagee Letter 2013-25) , HUD said that while they will continue with it's basic rule that most unpaid collection accounts DO NOT need to be paid off in order to obtain an FHA loan, they WILL require that lenders consider how a creditor's efforts to collect the account can impact the borrower's ability to repay the loan.
When ANY ONE, OR COMBINATION of unpaid collection accounts equal $2,000 or more, the lender now needs to factor in monthly payments of 5 percent (5%) of the outstanding balance for the account into the debt-to-income ratio.
If payment … (1 comments)
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wisconsin: Mortgage rates up slightly, but lets keep perspective
- 06/18/13 12:21 AM
Minneapolis, MN: With interest rates having moved up slightly recently, it is good to keep current mortgage rates in perspective.
Here is a mini historic look at conventional 30-yr fixed loan rates
In the early 1960's = 5.25% In June 1971, about 7.53% In June 1981, about 16.70% In June 1990, about 10.16% In June 1998, about 6.99% In June 2000, about 8.29% In June 2005, about 5.58% In June 2009, about 5.52% In June 2010, about 4.75% Last month (May 2013) about 3.54% Today... about 3.91% I bought my first house in 1981. I paid 16% for my FHA 30-year … (1 comments)
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wisconsin: FHA Financing when buying a HUD Home
- 06/10/13 12:49 AM
Minneapolis, MN: The Minnesota and Wisconsin housing market for homes under $250,000 is hot... Good homes priced well are selling very quickly, and usually above the original asking price.
I've run into this situation many time recently when buying a HUD home, so I thought I would address it here.
DOES MY BUYER HAVE TO USE HUD’S FHA APPRAISAL? The quick answer is YES if using an FHA loan to buy the house. NO if using any other financing.
If you are buying a HUD foreclosure, they almost always already have a HUD Appraisal. This is good and bad. On the … (0 comments)
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wisconsin: Refinance with no appraisal needed
- 06/03/13 05:23 AM
Minneapolis, MN: As mortgage interest rates fell to all-time lows earlier this year, even underwater homeowners were able to take advantage of refinancing through mortgage programs that do not require a property appraisal.
No appraisal refinances make the refinance process easier than ever, especially for those homeowners that own more than their home is worth.
Some of the most popular no-appraisal refinance programs include the FHA streamline refinance and the HARP (Home Affordable Refinance Program). Other no-appraisal refinance programs include the VA streamline or VA Interest Rate Reduction Refinance Loan and the USDA streamline refinance.
While many home values are on … (2 comments)
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wisconsin: VA Home Loans In MN and WI
- 02/20/13 09:57 PM
Minneapolis, MN: VA Home Loans In MN and WI are probably the coolest mortgage loan lenders offer. It is available both while serving our country and after they are discharged.
Upon a veterans return, hey usually are looking to re-establish themselves the the communities that they will be returning to. This means that many of them will be looking to purchase a home that they can settle in and raise their families. A VA Mortgage can assist our Veterans in making that transition.
VA Mortgages provide our Veterans with two major advantages that other Mortgage programs do not have.
VA … (0 comments)
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wisconsin: Mortgage rates for week ending Jan 3, 2013
- 01/11/13 03:57 AM
Minneapolis, MN: Freddie Mac yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher following December's employment report. The 30-year fixed averaged 3.40 percent, its highest reading in eight weeks. The all-time record low for the average 30-year fixed was 3.31 percent set November 21, 2012.
News Facts
30-year fixed mortgage rates (FRM) averaged 3.40 percent with an average 0.7 point for the week ending January 10, 2013, up from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.89 percent. 15-year fixed mortgage rates this week … (0 comments)
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wisconsin: Are you a serial refinancer?
- 12/21/12 03:21 AM
Are you a serial refinancer? Minneapolis, MN: As mortgage interest rates drop, many people believe that no cost loans, and refinancing multiples times is a game winning strategy. People who do this are known as "serial refinancers."
A Wall Street Journal report shows about 2.2 million people have refinance their current home loan at least twice since 2009.
All loans have closing costs, so an important aspect to refinancing is the question, "is their a benefit?" Refinancing generally is down to obtain a lower mortgage interest rate, and hence, a lower mortgage payment. Some people also lower their term, going from … (1 comments)
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wisconsin: FHA Streamline Guideline in MN and WI
- 12/13/12 09:52 PM
What is FHA Streamline Refinance? Refinancing of a current FHA insured loan into another FHA insured loan is called an FHA Streamline Refinance. The mortgage to be refinanced must be current (not delinquent). Not all FHA to FHA refinances are streamline in nature.
Is there a minimum waiting period before which you can do a Streamline Refinance?
Even though FHA loans come with no pre-payment penalty, you need to wait for 211 days from your last FHA loan before which you are eligible for a new FHA streamline refinance.
Is there an appraisal required on FHA Streamline?
One of … (0 comments)
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wisconsin: USDA is changing the property eligibility map effective Oct. 1, 2012
- 08/09/12 06:17 AM
USDA is changing the property eligibility map effective Oct. 1, 2012.
Cities and towns that formally qualified for the Zero Down USDA Rural Development Loans may no longer qualify.
This change is due to a number of reason, including larger populations, elimination of special consideration zones, or they no longer meet the definition of rural.
The effected cities in MN are listed here ---->>>
Click this link to view the full list of cities across the county that are losing their ability to get a USDA Rural Development loan.
Click these links for general income and location eligibily:
USDA INCOME Eligibility CheckUSDA Property Eligibility Check
USDA Loan … (3 comments)
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wisconsin: What is Homepath and Homesteps?
- 07/24/12 10:52 PM
You've seen the logo's, but what is HomePath and HomeSteps?go!
The HomePath and HomeSteps programs allows a person to buy a specially designated Fannie Mae or Freddie Mac owned foreclosed property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed as well
How Does It Work? Simple. Just follow these steps:
Apply with a lender. Get Pre-Approved. Just qualify for a traditional financing with at least 3% down. Meet with a Realtor - Look at homes, buy your dream house. You MUST select a home to buy from a special list of available foreclosed … (0 comments)
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wisconsin: FHA Streamline Refinance
- 06/24/12 10:53 PM
FHA Refinance
Learn About Your Mortgage Options Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.
FHA options to homeowners who are considering an FHA refinance mortgage:
FHA CASH-OUT REFINANCE
This refinancing option is especially beneficial to homeowners whose property has increased in market value since … (0 comments)
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wisconsin: Can you get a VA Jumbo Loans Over $417,000? YES!
- 02/04/12 01:41 AM
Is there such a thing as a Jumbo VA Loan?
Yes, the Department of Veterans Affairs has allowed Jumbo VA loans for years. The basic VA rule is that a VA loan is no down payment up to local loan limit, which follows the Fannie Mae conforming loan limit.
UPDATED: This limit is currently $424,100 in most of the country.
VA Loans allows for higher loan limits in certain higher cost counties in states like Hawaii, California, and Florida. Conforming loan limits in some of those area can be more than $417,000. You can check VA loan limits in your area here, (select the Fannie … (8 comments)
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wisconsin: HARP 2 Refinance not ready just yet - Why?
- 01/17/12 01:22 AM
HARP 2 - Not ready until March 15th, 2012
Minneapolis, MN: There is a lot of consumers interested in a HARP refinance in MN and WI. The Home Affordable Refinance program allows home owners who have lost value to still refinance their homes are today's low HARP refinance rates. HARP has been available since mid 2009. HARP 2, which was announced in November 2011 removes some restrictions, and should help many more home owners refinance their home loans.
Officially, the enhanced HARP 2 program started December 1. Unofficially, most lenders won't be offering it until after March 15th, 2012. Let's explore … (1 comments)
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wisconsin: Have mortgage interest rates finally bottomed out?
- 12/08/11 12:08 AM
Have mortgage interest rates bottomed out?
The most recent Freddie Mac's weekly Primary Mortgage Market Survey (www.FreddieMac.com) has the most recent average 30-year fixed rate mortgage at 4.00% - about the same as it has been for the past few months.
Over recent months, the average 30-year fixed mortgage rates have ranged between 3.97% and 4.02% with an accompanying 0.70% discount points, and standard closing costs. Closing costs can vary by state and 1 discount point is equal to 1 percent of your loan size. An example of state differences: Minnesota has a "Mortgage registration tax" of either .0023% or .0024% of the … (3 comments)
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wisconsin: Adjustable Mortgages Hit New Low
- 12/07/11 04:27 AM
Adjustable Mortgages Hit New Low
Historically in the United States, adjustable rate mortgages have always accounted for a small portion of overall mortgage loan choices. During the boom a few years ago, they jumped up dramatically, but still held just a small portion of the market.
Today, they hold an even smaller portion of the market share due to many factors, but most of them resulting from a misunderstanding, or lack of education on the borrowers part before taking one. For most people, they are considered too risky. Funny thing is, the rest of the world is just opposite. Almost everywhere … (1 comments)
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wisconsin: HARP 2.0 Underwater Refinance Guidelines
- 11/19/11 01:51 AM
The Federal Housing Finance Agency (FHFA), who oversees Fannie Mae and Freddie Mac, released the improved HARP program guidelines to lenders this week. The new HARP (Home Affordable Refinance Program) program is a concerted effort by the government to refinance more homes and reduce monthly payments for home owners that are underwater and can’t obtain a traditional refinance. This is being accomplished by expanding the guidelines to more accurately reflects the current state of the real estate market.
Now that lenders have HARP guideline guidance from FHFA they will develop their own guidelines, or “overlays”. An example of an overlay is … (4 comments)
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wisconsin: HARP 2 guidelines released - Refinace program for underwater home owners
- 11/16/11 08:23 AM
HARP II – The Home Affordable Refinance Program has released the updated program guidelines.
St Paul, MN: The HARP program, while not perfect, has been one of the few success stories in the governments attempt to help home owners. HARP has helped close to 1,000,000 homeowners refinance, and a few tweaks to the program have just been announced. No one who closely follows the mortgage industry is expecting HARP 2.0 to generate much in the way of additional refinance opportunities in the real world over the existing HARP program – but HARP IS STILL AN AWESOME PROGRAM for those who qualify.
… (1 comments)
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wisconsin: 20% down payment is NOT Required!
- 11/09/11 03:07 AM
I hear the question all the time, "Do I need 20% down payment"
NO, you DON'T need 20% down!
I saw it again on the news this morning. Some talking head "Real Estate Expert" was telling the national audience that lenders require 20% down payment.
Generally speaking, this couldn't be further from the truth, and needing 20% down is a huge misconception in the marketplace today. For the average home buyer, there are numerous options for obtaining financing with less than 20% down.
DON"T ASSUME! Contact a local licensed mortgage loan officer and let them professionally review your individual situation. Click … (2 comments)
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wisconsin: What are you actually buying, a condo or a town house?
- 11/04/11 02:07 AM
What are you buying, a condo or a town house?
Looks like a townhome, acts like a townhome - but its a condo, and that makes a big difference in mortgage financing!
People, including many Real Estate Agents, mistakenly assume a property legally platted and developed as a condominium is a town house. In the mortgage financing industry, there is a difference in both interest rates, and the time and ability to get a loan for a condo versus a town house.
When you buy a home, there are two major aspects:
The lender "credit qualifies" the buyer The lender "qualifies" … (1 comments)
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A new evolution of the HARP refinance program MAY soon be upon us. HARP 3.0 looks like it’s going to gain headway and make it’s way to the streets since Mel Watt was just confirmed as the new head of the FHFA.
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