Comments on: 73 Percent of Consumers: What’s a HAMP? Who’s a HARP?

By: 3/30/2012 | Sun State Savings

3/30/2012 | Sun State Savings — Tue, 03 Apr 2012 15:30:43 +0000

[...] 73 Percent of Consumers: What’s a HAMP? Who’s a HARP? — Realty Biz News [...]

By: Broderick Perkins

Broderick Perkins — Mon, 26 Mar 2012 17:12:34 +0000

Early this month, President Obama announced a lower-cost Federal Housing Administration Streamlined Refinancing Program for certain qualifying homeowners with existing Federal Housing Administration (FHA) loans.

Mortgage insurance for the new FHA loan have been substantially reduced.

In addition, the new lender is not required to verify the homeowner’s income, employment or credit score. That could be risky for the market. Remember the impact of “no-doc” or “NINJA” (no income, no job or assets) loans?

Also, with no appraisal required, the homeowner can be underwater — owing more than the home is worth. Again, another potential problem. During the boom, borrowers often signed for more mortgage than they could afford and went bust.

By: News Digest - March 24 |

News Digest - March 24 | — Mon, 26 Mar 2012 16:58:06 +0000

[...] Read More at RealtyBizNews.com [...]

By: edithwhiting

edithwhiting — Sat, 24 Mar 2012 05:37:59 +0000

Homeowners who are underwater in their mortgages may be able to refinance at today’s low interest rates without having to appraise out thanks to new rules see your refinance rate at “Official Refinance”