Need help with your mortgage?

Troubled homeowners get a lifeline.

This week Fannie Mae and Freddie Mac updated their HARP program guidelines.  Some changes include removing the Loan To Value Cap on HARP loans.  Also inproved pricing or reduced adjustments.  If you owe more than your home is worth and just want to refinance start here or give me a call. 

Here are some resources that can help.
The Making Home Affordable website has a list of programs that can help underwater borrowers. Start here to see what programs are available to you.
www.MakingHomeAffordable.gov

HARP is another Government Loan that can help underwater borrowers.  You’re loan must have been sold by your servicer to Fannie Mae or Freddie Mac.  Not sure if your loan is with Fannie or Freddie?  Here are the links and phone numbers.
http://www.FannieMae.com/loanlookup/     1-800-7Fannie (8AM to 8PM ET)
https://ww3.FreddieMac.com/corporate/    1-800-Freddie (8AM to 8PM ET)

Troubled homeowners get a lifeline.

Accessing your home’s equity is often a sensible way to help you get the funds you need, even to help you buy a house.

Options:

• Homebuying. It might be beneficial for you to take out two smaller loans to buy your home rather than one larger loan for the combined amount. In certain circumstances, a home equity loan can “piggyback” on your primary mortgage loan so that you can avoid paying:
  – A higher jumbo mortgage rate that you might get with a single larger loan.
  – Private mortgage insurance on a primary mortgage loan that’s greater than 80% of the property’s market value.
• Funds for home improvements. Looking to finance a remodeling project? Home equity financing allows you to access the equity you’ve built up in your home.
• Down payment on a second home. As a homeowner, you probably already realize the benefits of owning real estate. You can extend your real-estate inventory by buying a second home or an investment property using funds borrowed against the available equity in your primary residence.
• Financing for other expenses. Because mortgage interest is potentially deductible, home equity financing is a source of the funds you need to pay for big-ticket items, such as college tuition or car purchases.¹

With potential tax advantages and lower interest rates than most other types of credit, a home equity loan or line of credit can be an important financial resource for meeting large expenses.¹

Give me a call or request a consultation, and I’ll be glad to discuss your financing options with you.

It’s an exciting time to be considering buying a home. The combination of market conditions and helpful programs provide opportunities for first-time buyers, as well as for current homeowners hoping to downsize or to buy a larger home.

Favorable Market Conditions
The blend of historically low interest rates and the pace of home sales mean that it might be easier to purchase a home.

• Historically low interest rates. If you were buying or refinancing in 2001, you’d face mortgage interest rates slightly above 8 percent. Today’s lower rates translate into comparatively lower purchase costs.
• Decreasing housing prices. In August 2006, half the houses for sale in the U.S. were priced above $225,000, while the other half were below (this highly watched reference point is called the market’s median price.) Three years later, the median price dropped significantly to $177,000. This 21 percent decline in home prices suggests good deals for buyers¹.
• Slow home sales. Generally, homes are sitting on the market longer, which means more choices for homebuyers and a better chance of finding the home that you want.

Helpful Programs
In addition to favorable market conditions, eligible buyers could also benefit from the current government incentive programs designed to stimulate the housing market and the economy.

• High conforming-loan limits. If you’re house hunting in a federally designated metropolitan area, you may be eligible for a larger conforming loan amount without paying the typical higher interest rates on a jumbo loan..
• Flexible FHA Loans. In addition to low down-payment options, these government-backed loans enable you do use gift funds for downpayment or closing costs, and have flexible income, debt, and credit requirements.

Reach out to Trevor Albertsen
When you’re ready to take the next step, our unmatched tools and top-notch professionals can help you to find the mortgage that meets your needs. Contact us today.