FHA Loan

Is your Rhode Island home worth less than your current mortgage?  The HARP 2.0 refinance program may be your answer.

Starting March 19, 2012, if you have an upside down mortgage on your home located in Rhode Island, you could possibly refinance under the HARP 2.0 program.

There are several factors if you can qualify for the HARP 2.0 loan in Rhode Island:

 

• Your loan must be owned by Fannie Mae or Freddie Mac.  To check the availability of who services your loan you can visit FREDDIE MAC LOOKUP or FANNIE MAE LOOKUP
• You must be current on your mortgage with no late payments in the last 12 months
• You must have a 720 credit score or better
• You haven’t refinanced since May 31, 2009
• Primary and Investment Properties Alowed
• 28/36 DTI Ratios
• W-2 Employee (Self-Employed case-by-case)
• 6 Months Reserves Needed For Each Property Owned
• LTV capped at 105% for Freddie Mac loans
• LTV capped at 125% for Fannie Mae loans

 

To apply now for your HARP 2.0 mortgage loan, please visit my website at https://www.guaranteedrate.com/lyndamckenzie.  I would be happy to help.

Lynda Mckenzie
RI license#137627/NMLS#137627
Direct:  401-524-9796
E-mail: lmckenzie@guaranteedrate.com
Web:  http://www.guaranteedrate.com/lyndamckenzie
RI Licensed- 20102682LL

For more information contact The Werdmuller Group, info@garrick.biz, 510-282-5456.

VHAP II is New Castle County Vacant Home Buyer Assistance Program which is a Delaware down payment assistance program.  VHAP II is being launch on March 15, 2012 and is the first day New Castle County is accepting applications for the program.  VHAP is a loan for home buyers to purchase homes that have been vacant for at least 90 days.  The loan is for up to 6% of the sales price but capped at a maximum of $10,000.  This money can be used for down payment and/or closing costs.

If you would like to apply for the VHAP II Program or would like more information you can call preferred program lender at 302-703-0727 or you can APPLY ONLINE.

The New Castle County Vacant Home Buyer Assistance Program is not just for first time home buyers, the home just needs to be your primary residence and you must meet the income guidelines.  The total household income must be below the 120% median income which is shown in the table below:

Eligible Income Limitations for VHAP Program for 2012

Household size                      Maximum Income

1 Person                                               $67,550
2 Person                                               $77,200
3 Person                                               $86,850
4 Person                                               $96,500
5 Person                                              $104,200
6 Person                                              $111,900
7 Person                                              $119,650
8 Person                                              $127,350

The VHAP II is only available on properties that have been vacant for 90 days and are located in one of the following census tracs:
Census tracts: 103, 107, 139.02, 148.06, 148.08, 149.02, 149.03, 149.05, 152 and 163.03

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
www.DelawareMortgageLoans.net
APPLY ONLINE NOW!!

Pick-Your-HARP-Lender: The Home Affordable Refinance Program (HARP) Mortgage Program Requirements and Rates.

Why is the simple so frequently made complex?  This is the question I seem to be getting from other underwater home owners.  Other?  Yes.  I am one of them.  Until recently, there has not been a program for those of us in Florida that have been current because it was the right thing to do, but suffered from being underwater on our mortgage loan.

“HARP 2 Mortgage Refinance Program rewards home owners that have stayed current. – Chris Brown”

So now what?  What is the next step?

Here are the four steps for an upside down Florida home owner to uncover if they can take advantage of the Low HARP Rates from the New 2011 Revisions of the Home Affordable Refinance Program changes.

1.  Check your Property’s HARP  Eligibility Qualifications:

• Your loan must be backed by Fannie or Freddie.
• Your mortgage must have been securitized prior to June 2009.

For the sake of our blog loyalists, you can find out if your home is backed by using the Fannie search [click here] or Freddie search [click here], now.

2.  Write “Fannie” or “Freddie” on your most recent Florida mortgage statement as a result from the search in step 1.

For convenience, you can email your recent statement to us for a “No Obligation Analysis” of your improved cash flow.  You may not even need to verify employment or income.  How great is that?  The rationale is this… regardless of income or employment – if you have stayed current, lowering your mortgage rate with a HARP refinance can only help.

3.  Check your Personal HARP  Eligibility Qualifications:

• Current on your mortgage for the last 6 months?
• Current for 11 of the most recent 12 months?

That may be all that matters.  In our 33 Most Frequently Asked Questions regarding the TRUTH about HARP we answer questions like:

• I am way upside down on my home, will HARP still work for me? No really – wayyyyy underwater…
• Do I have to prove my income?
• I have a second home, is it HARP eligible?
• … and more.

4. Get the 33 Most Frequently Asked Questions regarding the TRUTH about HARP.

Get the FAQ before making any irreversible decisions because you want the most relevant, most accurate, and most timely available for you and those you care about.

Jumbo mortgages are usually made by private  lenders and are not guaranteed by a government agency.  In San Diego County, loans over $417,000 are considered to be “jumbo”.  Congress has extended a government guarantee, to some jumbo mortgages, for higher loan limits, in San Diego, Orange, Ventura, and Los Angeles counties.  This means that low-down payment options (as low as 3.5%) will be offered for those government-guaranteed loans, with limits of:

• $546,250 for San Diego County
• $625,500 for Los Angeles County
• $625,500 for Orange County
• $598,000 for Ventura County

Jumbo mortgages, which do not have a government guarantee, are subject to specific lender down payment guidelines.  Generally speaking. loan amounts from $417,000 to $850,000 offer a down payment as low as 10%.  Down payments under 20% will require private mortgage insurance.

Loan amounts from $850,000 to $ 1,000,000 will require a 20% down payment, loan amounts from $1,000,000 to $1,500,000 require a 25% down payment, loan amounts from $1,500,000 to $2,000,000 require a 30% down payment, and loan amounts from $2,000,000 to $5,000,000 require a 35% down payment.

Mortgages guaranteed by the Veterans Administration will continue to be offered up to $1,000,000.  VA jumbo mortgage down payment requirements,vary by county but can be as low as zero-down.  Loans up to $1,000,000 can be made with a down payment of less than 15%.  Please contact me, if you have VA-eligibility, for more specific information.  My phone number is (858)-777-9751