Yes, VA Loans Are Available After a Bankruptcy, Foreclosure or Short Sale

Yes, You Can Get a VA Home Loan After a Bankruptcy, Foreclosure or Short Sale

Yes, you can get a VA home loan after a bankruptcy, foreclosure, short sale, or deed in lieu. You only need to wait two years from the date of the “event” (foreclosure, short sale, etc). The two year rule also works for a discharged bankruptcy. It is important to note that this two year wait period is the shortest for any type of Conventional/Government home financing. The FHA program requires a three year wait period after a foreclosure. Both Fannie Mae and Freddie Mac require a 7 year wait period after a foreclosure. With both agencies the wait time could be shorter if there were “extenuating circumstances”, but proving extenuating circumstances is not an easy task. 

Flexible Credit Qualifying for VA Financing

Not only is a VA home loan more lenient when it comes to prior credit issues, but also is just a better program all the way around, at least for those Veterans with entitlement available for the program.  VA allows Veterans to purchase a home with no down payment.  

FHA, a government loan program available to anyone looking to buy a home, requires only 3.5% down payment. However, the monthly mortgage insurance on an FHA loan is also very high. VA, even with no down payment, has no monthly mortgage insurance. On a $400,000 loan amount, the difference in payment just because of the FHA mortgage insurance would be approximately $450 per month. (The FHA mortgage insurance factor for loans at 96.5% loan to value is 1.35%. 1.35% x $400,000 divided by 12 = $450 per month).

Re-Established Credit is Critical

If a Veteran really wants to enter the real estate market after a major credit derogatory, it is critical that they work on repairing and rebuilding their credit. They should make sure the “event” is reporting correctly on their credit report. Many times after a foreclosure, the foreclosed lender will continue to show a balance on the mortgage. This is not correct. After foreclosure the balance should be $0. A short sale will sometimes appear on the credit as a foreclosure. It should read SETTLED_LESS THAN FULL BALANCE.

Get a copy of your credit report immediately.  If you see errors on your credit, then contact a credit specialist for the best way to correct it right away. If you would like a FREE credit report and consultation, contact me.  Also, open new accounts in order to rebuild your credit. This should all be done before the two year wait period is up. A Veteran who has planned ahead and re-established their credit will be in position to buy a home at the end of month 24 after their foreclosure, short sale, or bankruptcy.

Lender Guideline Overlays for VA Home Loans

A Guideline Overlay occurs when a lender does not directly follow the standard VA guidelines. A common overlay is for a VA lender to require a longer wait period after a foreclosure or short sale when the loan amount is greater than $417,000. In many parts of the country this wouldn’t matter much. However, in some high cost counties in other states like Orange County and Los Angeles county, this can be a problem. The ZERO DOWN loan limit in Clark County, NV (2013) is $417,000. This means a Nevada Veteran buying a home in Las Vegas with a VA home loan could borrow up to $417,000 and would not need a down payment. But many lenders wouldn’t approve this if the Veteran had a foreclosure two years prior. This is why it is important that the Veteran get Pre-Approved by a local Nevada VA direct lender before making an offer on a home. The Veteran needs to find a lender who will follow VA guidelines without overlays. Also the lender will be able to provide custom VA home loan scenarios with details on the purchase price, loan amount, payment, and closing costs associated with a VA loan.

Contact me for more details or to get pre-approved.

Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS
702-326-7866
info@aundreabeach.com

FHA 203K Realtor Tips - How to write a 203K purchase contract

How to Write a FHA 203K Purchase Contract

If you’re a Realtor chances you are, in some capacity, working with foreclosures, short sales or other types of distressed property. You are also battling an inventory shortage that is affecting the ability to find a home, any home, for your potential buyers.

The FHA 203K Loan can help you on both fronts. It allows for buyers to finance neglected properties since property condition is not an issue for renovation loans AND it also increases the pool of potential properties for finicky buyers. They don’t need perfection in their potential homes because they can perfect it themselves, with their own touches as part of their renovation mortgage.

Before I get into the details on what you need to expect, how you write the 203K offer and the other caveats to 203K financing, I want to say one thing – WORK WITH AN EXPERIENCED RENOVATION LOAN OFFICER.

Now that we have that out of the way, on to the task at hand.

Writing a FHA 203K Purchase Offer

• Put 203K in the Purchase Contract – Many lenders require this to be there, but it also lets the seller / listing agent know that those property condition issues that have killed deals in the past are NOT going to be an issue this time around.

• Provide for a Longer Contingency Period – Best practice says allow for enough time to get the Home Inspection AND a Contractor Bid. 70% of my clients underestimate the the cost of the renovation initially.

• Give at least 45 Days to Get Closed – 203K Loans have more 3rd party items, give some additional time for the buyer to get a couple contractors to the house AND give the contractors time to price accurately.

What to Expect During Your FHA 203K Transaction

• Expect the Appraisal to Come Later in the Process than You Are Used To – 203K Appraisals are based on after repair value. You have to have the contractor bid FIRST before we can do the Appraisal

• Expect to Provide More Access to the Property – Inspectors, Contractors and (sometimes) 3rd Party Consultants will all need access to the property.

• Keep CALM – There’s more going on with a 203K Loan. More 3rd parties and more potential for delays. If you’ve heeded my initial advice and have chosen and experienced loan officer you’ll be fine even with a delay or two. You need to keep calm because if something does come up that slows the purchase down your calmness will ensure the listing agent stays cool as well.

All in all FHA 203K loans are not that much more difficult from the Realtor’s side. This is especially the case if you have chosen an experienced RENOVATION SPECIALIST to work with. Have I driven that home enough yet?

Now, get out there and sell someone a foreclosure already! Oh, 203K Loans are not just for distressed property, you can use them on move in ready homes as well. Don’t limit yourself, sometimes your buyer’s need some help seeing the vision.

Need a FHA 203K PRE-APPROVAL? We have you covered in 28 states, just click to contact me and we’ll get back to you within hours to walk you and your clients through the process and pre-approval phase.

Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS
702-326-7866
info@aundreabeach.com

Only 1/2% Down Payment Needed

Trying to buy a home, but saving the down payment and closing costs a challenge?  Sellers or builders won't contribute to your closing costs?
We have a loan program that can help.
Contact me today to see if you qualify!
702-326-7866
info@aundreabeach.com

Now Is the Time for a HARP Refinance

Underwater on your mortgage and still haven’t refinanced? You may think that you missed the window or are not eligible, but with interest rates still near historic lows and an expanded Home Affordable Refinance Program (HARP) it may be within your reach.

While it’s true that home prices have risen steadily over the past year and a half, approximately 24 percent of American homeowners are still underwater on their mortgages. This is especially true of those living in areas hardest hit by the housing and economic crisis. The Federal Housing Finance Agency (FHFA) estimates that there are between 1 million and 2 million borrowers eligible for HARP who are underwater are paying above-market interest rates. You could be one of them.

Why do a HARP refinance?

Borrowers nationwide are reaping significant savings — either by lowering their payments, reducing their interest rates and/or securing a fixed rate. Homeowners who refinanced through HARP during the first quarter of 2013 will save an average of $4,300 in interest payments during the first 12 months.

Take homeowners Josh and Kelly in Tampa, FL, who were $80,000 underwater on their mortgage. By refinancing under HARP last year, they were able to lower their interest rate by nearly 2 percent, reducing their monthly payments by about $520.

And HARP is now simpler than ever. So if you were already turned down before, try again because recent changes to the program are designed to help more homeowners no matter how far your home has fallen in value.

Why now?

While the program has been extended through the end of 2015, the time to act is now!
Interest rates on 30-year fixed mortgages have increased nearly a full percentage point since mid-May, and we do not expect them to return to the historic lows seen late last year and the first part of 2013.

However, mortgage interest rates are still comparatively low. Looking back to the mid-2000s, the average 30-year fixed interest rate was around 6 percent. Freddie Mac’s chief economist expects rates on the 30-year fixed rate mortgage to remain around 4.5 percent for the rest of the year.

Given that nearly half of the 30-year fixed rate mortgages owned or guaranteed by Freddie Mac or Fannie Mae have rates of 5 percent or greater, lots of homeowners stand to benefit from acting now.

Get started

More than 2.8 million families have already benefited from the program, and you could, too. If you are current on your payments and your mortgage is owned by Freddie Mac or Fannie Mae, get started now by following these steps:

1. Determine if Freddie Mac or Fannie Mae owns your loan.
2. Gather your financial information.
3. Contact us.
   Aundrea Beach-Greco :: Mortgage Advisor, CMP, CMPS :: NMLS 333739
   702-326-7866
   info@aundreabeach.com :: www.TailorMyMortgage.com

We are licensed in 28 states.  

Article provided from Tracy Hagen Mooney

Lender Paid versus Borrower Paid Mortgage Insurance

Structure the Best Deal 
With New PMI Options


When evaluating a LPMI program you should consider which option makes more sense.

For more information, contact me:
info@aundreabeach.com 

The Beach-Greco Team
Mortgage Advisor, CMP, CMPS
info@aundreabeach.com
(702) 326-7866
** Aundrea has been lending for over 16 years and still going strong **

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Moving Up? Do It Now!!

Moving Up? Do It Now!!

New reports are revealing that the number of existing home owners purchasing a house is beginning to increase. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead.

Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 12% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $336,000. But, the $400,000 home would now be worth $448,000 (requiring a mortgage of $403,200).

Here is a table showing what additional monthly cost would be incurred by waiting:

If your family sees yourself in this situation, it may make sense to move now than later. Prices are definitely appreciating and interest rates are beginning to rise.

You don't have to wait 3 years to buy a home

Hello All
We have had some pretty exciting news recently from HUD. The new mortgagee letter allows for 12 month seasoning for a foreclosure, Bankruptcy CH 7, CH 13 or a short sale on a new FHA purchase loan.  (Not the usual waiting period of 3 years)

Effective case numbers assigned on or after August 15,2013 through Sept 30, 2016---Borrowers must meet all other applicable FHA eligibility and policy criteria.

Borrower Eligibility:

Borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA's waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as delinquencies and/or indication of derogatory credit, including collections and judgments, may be eligible for an FHA-insured mortgage if the borrower:Economic Event- any occurrence beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of twenty (20) percent of more of a period of at least six (6) months.Onset of an Economic Event- the month of Loss of Employment/Income.  Recovery from an Economic Event- the re-establishment of Satisfactory Credit for a minimum of twelve (12) monthsAttend Housing Counseling

NOTE: Foreclosures, deeds-in-lieu, Short Sales and Bankruptcies require that 12 months have elapsed since the date of the derogatory item (i.e. date of sale for a short sale, discharge date for a bankruptcy. etc).

Housing Counseling:

To qualify under the guidelines of the Mortgage Letter, borrowers, co-borrowers and Non-Occupant borrowers must:- Receive homeownership counseling or a combination of homeownership education and counseling provided that each participant receives, as a minimum , one hour of one-on-one counseling from HUD-Approved housing counseling agencies- The counseling must address the cause of the economic even and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an on line course.

Note: Counseling must be completed a minimum of thirty (30) days but no more than six (6) months prior to application. Housing counseling may be conducted in person, via telephone, via internet, or other methods approved by HUD.Housing counseling may be conducted in person, via telephone, via internet, or other methods approved by HUD. 

A list of agencies can be obtained online at www.hud.gov/counselingservices

Your fico score will still determine if Standard FHA guidelines or FHA Portfolio guidelines will be followed. Any questions please let us know.

Aundrea Beach-Greco

The Beach-Greco Team

NMLS 333739
(702) 326-7866
info@aundreabeach.com

FHA Mortgage Rates Remain Below 4%...For Now...

1-30-12

FHA loan rates have stayed relatively steady, and below 4.00% on average last week, though fees on these government backed loans are set to increase later this year, according to a mortgage rate research website. In December 2011, Congress voted to offset the expense of a payroll tax extention with an increase in mortgage fees for conventional loans sold to Fannie Mae and Freddie Mac, and for FHA loans backed by the Federal Housing Administration.




For FHA mortgages the additional fee will be in the form of a 0.1 percentage point increase in the mortgage insurance premium paid by mortgage holders. The FHA has yet to release information on when the fee increase will take place.



Though the fee increase is small, it will mean a slightly higher payment for new FHA borrowers after it goes into affect. Current FHA mortgage holders will not be impacted, nor with those who close their loans before the implementation of the increase. If an existing FHA loan is refinanced into a new Fannie Mae, Freddie Mac, or FHA mortgage after the fee rises it will be in place on the new loan.



An increase of $10 to $20 per month probably isn't going to make the difference of someone qualifying for a loan, or change whether it's affordable, but with rates as low, or close to as low as they have ever been, and some additional costs on the horizon, it is certainly advisable to consider an FHA refinance or purchase loan now rather than waiting.





If I can help in any way or answer questions, please don't hesitate to contact me. Getting pre-approved for a home loan doesn't cost anything but your time.





Aundrea Beach-Greco

Mortgage Advisor, CMP, CMPS™

NMLS 333739
NV Lic 24392

Residential Mortgage Services

Cell (702) 326-7866

Ofc (702) 796-3453 xt. 3047

eFax (888) 738-5188

Toll Free ( 877) AUNDREA



info@aundreabeach.com

www.AundreaBeach.com
www.TailorMyMortgage.com





Doctors, lawyers, even beauticians adhere to strict education requirements and licensing. Do you want someone who is not bound to those standards looking at your credit and finances? Consult a CMPS™ today!

USE YOUR TAX REFUND TO MAKE A DOWN PAYMENT ON A NEW HOME

1-30-2012




IT’S TAX TIME! Many of you have begun to file your taxes, and if that is the case, then good for you! On the other hand, thousands of others have not! Tax returns will be in the mail or deposited into millions of bank accounts over the next couple of weeks and months. Why not use your tax return as a down payment for the home that you’ve been wanting!

Due to limited options for 100% financing, buyers often find they are unable to purchase a home due to unavailable resources for a down-payment. However, many people overlook the fact that their tax refund can be used.


Now is the time, stop waiting to see if you can qualify for a home, you most likely can. The market is moving and the pattern is clearly showing signs of recovery. If you look at the homes that have been sold in the last few months, it is clear that buyers are finding amazing deals.


These are historically low interest rates. Ask your parents or grandparents about interest rates. They will tell you horror stories of high interest rates throughout their lifetime. Don’t wait on the fence any longer, now is the time to find a great deal.


Today there are many homes that cost $100,000 or less in the Las Vegas Area. You have choices... something that many potential homebuyers throughout history have lacked. No lottery, no pressure, resale or new homes AND you will have a tax advantage next year when you file your taxes.


If you don’t believe me, ask someone!


If you have any further questions, please don't hesitate to contact me. Let's get you pre-approved today and into that new house.




Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS™
NMLS 333739
NV Lic 24392
Residential Mortgage Services
Cell (702) 326-7866
Ofc (702) 796-3453 xt. 3047
eFax (888) 738-5188
Toll Free ( 877) AUNDREA


info@aundreabeach.com


www.AundreaBeach.com
www.TailorMyMortgage.com







Doctors, lawyers, even beauticians adhere to strict education requirements and licensing. Do you want someone who is not bound to those standards looking at your credit and finances? Consult a CMPS™ today!

Sadly, Las Vegas is nowhere near finished with foreclosures...

click to see full article

check your zip code statistics


In all likelihood, another 100,000 foreclosures are on the way, and at the current rate, that process will continue for another four to five years.



"It's been really horrendous that 1 out of 5 homes are foreclosures and we're not done yet," Murphy said. "By the time we get to 10 years, it could be half or 40 percent, and that's staggering. It's unbelievable."



Some areas have been hit harder than others, particularly those with newer subdivisions.



ZIP code 89086 shows 33 percent of homes, or 323, have gone through foreclosure, though the percentage is skewed by the small sampling of homes in a relatively new area of North Las Vegas, Murphy said.

UPDATED  (As of October 31, 2011) : The government announced changes to its HARP program October 24, 2011. This post is accurate and up-to-date.




If you're underwater on your mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.



Here is the details of the government's new 2011 HARP refinance program.



What Is HARP?

HARP was started in April 2009. It goes by several names. The government calls it HARP, as in Home Affordable Refinance Program.



The program is also known as the Making Home Affordable plan, the Obama Refi plan, and Relief Refinance.



In order to be eligible for the HARP refinance program :



Your loan must be backed by Fannie Mae or Freddie Mac.

Your current mortgage must have a securitization date prior to June 1, 2009

If you meet these two criteria, you may be HARP-eligible. If your mortgage is FHA, USDA or a jumbo mortgage, you are not HARP-eligible, however there are refinance options for you.



HARP : FAQ's

Do these question-and-answers account for the "NEW" HARP program?

Yes, everything you are reading is accurate as of today, October 31, 2011. This post includes the latest changes rolled out by the Federal Home Finance Agency on October 24, 2011.



How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have "lookup" forms on their respective websites. Check Fannie Mae's first because Fannie Mae's market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP. However, there have been cases in the past that a loan does not appear on either site, but truly is owned by Fannie or Freddie. It just required more investigation...



If my mortgage is held by Fannie Mae or Freddie Mac, am I instantly-eligible for the Home Affordable Refinance Program?

No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just a pre-qualifier.



Is "HARP" the same thing as the government's "Making Home Affordable" program?

Yes, the names HARP and Making Home Affordable are interchangeable.



My mortgage is held by Fannie Mae or Freddie Mac. Now what do I do?

Find a recent mortgage statement and write "Fannie Mae" or "Freddie Mac" on it -- whichever group backs your home loan -- so you don't forget. Give that information to your lender when you apply for your HARP refinance.



What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?

If neither Fannie Mae nor Freddie Mac has record of your mortgage, your loan is HARP-ineligible. However, you may still be eligible for a "regular" refinance to lower rates. Email me to see your options. Or, if your mortgage is insured by the FHA, you can refinance using the FHA Streamline Refinance program.



Am I eligible for the Home Affordable Refinance Program if I'm behind on my mortgage?

No. You must be current on your mortgage to refinance via HARP.



Will the Home Affordable Refinance Program help me avoid foreclosure?

No. The Home Affordable Refinance Program is not designed to delay, or stop, foreclosures. It's meant to give homeowners who are current on their mortgages, and who have lost home equity, a chance to refinance at today's low mortgage rates.



What are the minimum requirements to be HARP-eligible?

First, your home loan must be paid on-time for the prior 6 months, and at least 11 of the most recent 12 months. Second, your mortgage must have been sold to Fannie or Freddie prior to June 1, 2009. And, third, you may not have used the HARP program before -- only one HARP refinance per mortgage is allowed.



Is there a 125% loan-to-value restriction for HARP?

No, there is no 125% loan-to-value restriction. All homes -- regardless of equity or lack thereof -- are eligible for the HARP program.



I am really far underwater on my mortgage. Can I use HARP?

Yes, you can. There is no loan-to-value restriction under the HARP program.



Maybe I wasn't clear. I am really, really far underwater on my mortgage. Are you sure I can use HARP?

Yes, I am sure. The new HARP program specifically has no loan-to-value restriction so that homeowners in Florida, California, Arizona and Nevada can take advantage of it. You can be at 300% loan-to-value on your property and still be HARP-eligible. HARP now has an unlimited LTV.



Will my home require an appraisal with the HARP program?

Sort of. Although your home's value doesn't matter for the HARP program, lenders will run what's called an "automated valuation model" (AVM) on your home. If the value meets reliability standards, no physical appraisal will be required. However, your lender may choose a physical appraisal anyway -- just to make sure your home is "standing".



Is HARP the same thing as an FHA Streamline Refinance?

No, the HARP program is administered through Fannie Mae and Freddie Mac. FHA Streamline Refinances are performed through the FHA. The programs have similarities, however.



Do I have to HARP refinance with my current mortgage lender?

No, you can do a HARP refinance with any participating mortgage lender. Call or email us to get the process started.



So, I can use any mortgage lender for my HARP Refinance?

Yes. With the Home Affordable Refinance Program, you can refinance with any participating HARP lender.



I put down 20% when I bought my home. My home is now underwater. If I refinance with HARP, will I have to pay mortgage insurance now?

No, you won't need to pay mortgage insurance. If your current loan doesn't require PMI, your new loan won't require it, either.



I pay PMI (Private Mortgage Insurance) now. Will my PMI payments go up with a new HARP refinance?

No, your private mortgage insurance payments will not increase. However, the "transfer" of your mortgage insurance policy may require an extra step. Remind your lender that you're paying PMI to help the refinance process move more smoothly.



What's the biggest mortgage I can get with a HARP refinance?

HARP refinances are limited to your area's conforming loan limits. In most cities, the conforming loan limit is $417,000. However, there are some cities in which conforming loan limits are as high at $625,500.



Here is 2011-2012 Conforming And FHA Loan Limits for Clark County, NV.



Conforming Loan Limits FHA Loan Limits

1-Unit $417,000 maximum $287,500 maximum

2-Unit $533,850 maximum $368,050 maximum

3-Unit $645,300 maximum $444,900 maximum

4-Unit $801,950 maximum $552,900 maximum



Can I do a cash-out refinances with HARP?

No, the HARP program doesn't allow cash out refinance. Only rate-and-term refinances are allowable.



Can I refinance an investment/rental property with HARP?

Yes, you can refinance an investment/rental property with HARP, even if the home was once your primary residence. You can refinance a home on which you're an "accidental landlord" via HARP. The loan must meet typical program eligibility standards.



Can I refinance a second/vacation home with HARP?

Yes, you can refinance an second/vacation property with HARP, even if the home was once your primary residence. The loan must meet typical program eligibility standards.



Are condominiums eligible for HARP refinancing?

Yes, condominiums can be financed on the HARP refinance program. Warrantability standards still apply.



Can I consolidate mortgages with a HARP refinance?

No, you cannot consolidate multiple mortgages with the HARP refinance program. It's for first liens only. All subordinate/junior liens must be resubordinated to the new first mortgage.



Can I "roll in" my closing costs with a HARP refinance?

Yes, mortgage balances can be increased to cover closing costs in addition to other monies due at closing such as escrow reserves, accrued daily interest, and a small amount of cash. In no cases may loan sizes exceed the local conforming loan limits, however.



I am unemployed and without income. Am I HARP-eligible?

No. Income verification is required for the HARP refinance program.



My original mortgage was a stated income loan. Will my income be verified with a HARP refinance?

Yes, with HARP, applicant income is verified in the same manner as with a traditional refinance -- via a combination of paystubs, W2's, tax returns and other, underwriter-requested documentation.



What are the HARP program's mortgage rates?

Mortgage rates for the HARP program are the same as for a "traditional" refinance. There is no "premium" for using the HARP program.



Do HARP refinances use Loan-Level Pricing Adjustments?

Technically, loan-level pricing adjustments due to risk of the borrower do not apply to HARP refinances, but borrowers may be subject to LLPAs based on their respective credit scores or home-types (e.g.; 2-unit, 3-unit, 4-unit). Loan-to-Value LLPAs are reduced and/or waived.



Is there a minimum credit score to use the HARP program?

No, there is no minimum credit score requirement with the HARP refi program, per se. However, you must qualify for the mortgage based on traditional underwriting standards. Your lender may have their own requirements.



Do I have to refinance my mortgage with my current lender?

In most cases, no. You can do a HARP refinance with any lender you want.



What does the term "DU Refi Plus" mean?

"DU Refi Plus" is the brand name Fannie Mae assigned to its particular flavor of the HARP program. "DU" stands for Desktop Underwriter. It's an automated software program that simulates mortgage underwriting based upon certain criteria. "Refi Plus" is a gimmicky-sounding term that could have been anything. The name has been trademarked, however. As a side note, Freddie Mac is using the branded name "Relief Refinance".



Can I remove my spouse or a co-signer with a HARP refinance?

Maybe. HARP guidelines specifically prohibit removing a co-signer from the note, but there are circumstances in which you may be able to remove a co-signer from the mortgage and from the deed so that the former co-signer has no ownership interest in the home.



For how long should I lock my mortgage rate via the HARP Program

Lock for 45 days, at minimum. This is because the HARP program, while streamlined for simplicity, still has some grey areas that can lead to delay. It's better to have a rate lock that lasts too long than not long enough. Lenders claim they will begin taking applications as soon as December 1st.



When does the HARP program end?

If you are HARP-eligible, you must close on your mortgage prior to December 31, 2013.



How do I apply for the HARP program?

Start your online application here if you'd like. See if your loan is eligible and what to do next. Or just call or email me. There is no fee for applying.



Apply For Home Affordable Refinance Program

When you're ready contact me!



Lastly, don't forget... The Home Affordable Refinance Program is not meant to save a home from foreclosure. It is meant to give underwater homeowners a chance to refinance without paying PMI. If you need foreclosure help, call your current loan servicer immediately.



If you or someone you know has a question about what these changes mean, call or email me anytime. I'm always happy to help.



Aundrea Beach-Greco

Mortgage Advisor, CMP, CMPS

(702) 326-7866

info@aundreabeach.com