HARP 2.0 Update ... from Fannie Mae
There's a bit more insight and information out on the HARP 2.0 update, at least from Fannie Mae's perspective ...
Beginning Monday, March 19th (2012), Fannie Mae will unveil their new software (more forgiving), and then folks ... stand back! There's going to be a flood of calls, emails, inquiries to be shared!
Best I can tell, the new guidelines for approval will be relaxed or expanded in comparison to the old, meaning more Borrowers/Homeowners will qualify for Refinances than before.
But ... a few details still remain to be addressed. Nothing has been presented to us (mortgage lenders) in concrete and in its' entirety yet. So before the new items and guidelines are implemented ... I remain optimistic, but cautious at this time.
It appears that the best change will be related to a greater "disregard" for property values, or in our industry's vocabulary, LOAN-TO-VALUE, or LTV.
In other words, "current market values" may not be the deal-killer that they are presently. Again, it appears that as long as the Borrowers/Homeowners can qualify on CREDIT, INCOME, EMPLOYMENT, and SATISFACTORY MORTGAGE PAYMENT HISTORY ... they may get the RATE RELIEF and PAYMENT RELIEF that will help them stay in their homes.
Others will simply enjoy a monthly savings, that may help them better position themselves to save and then buy again later down the road, should they wish. That, and keeping more homes from entering the housing supply and further adding to the supply of Foreclosures and Short-Sales, is how everyone "wins" ... including Realtors, Homeowners (Sellers AND Buyers), and the economy in general.
Stay tuned, as there will probably be more updates between now and implementation of HARP 2.0. Good thing because March is only 2 months away!
* Should you have questions regarding HARP 2.0, credit, credit repair, mortgages and refinancing ... or be in need of mortgage service, please do not hesitate to contact me. I will be happy to put my 35 years of mortgage and real estate experience and expertise to work on your behalf.
I can be contacted through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Email: gene@chicagobancorp.com
Website: www.genemundt.com
Skype: 630.219.1316
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Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Now on Skype! 630-219-1316
