I can’t take credit for the catchy phrase “Marry the house. Date the rate”. It’s being posted by mortgage professionals and real estate agents all over social media. What does this phrase mean? [Read more…]
Marry the House. Date the Rate.
June 22, 2022 by Leave a Comment
There Once was a Renter
February 6, 2020 by Leave a Comment
I was just reviewing one of my client’s mortgages and thought I’d share a happy story with you. I’m REALLY proud of them. I first met Ryan and Rachel Renton (yes, I made up the names…but the rest of the story is true), at a home buyers class that I was teaching. Home buyers interested in the down payment assistance programs offered by the Washington State Housing Finance Commission are required to take a “live” class or an online class in order to qualify for the down payment assistance (dpa). [Read more…]
Changes to Limited-Cash Out Refinances
January 4, 2019 by Leave a Comment
A limited-cash out refinance is a refinance where typically, the home owner receives little to no-cash back at closing. It’s also referred to as a “rate-term” refinance. A limited cash-out or rate-term refinance offers better interest rates and/or pricing for interest rates than a true “cash out” refinance. [Read more…]
Days are numbered for the Home Affordable Refinance Program (HARP)
March 19, 2015 by Leave a Comment
The Home Affordable Refinance Program (aka HARP or HARP 2.0) is set to retire at the end of 2015. Homeowners who have a mortgage that was securitized by Fannie Mae or Freddie Mac with a Note date prior to June 1, 2009 may be eligible for a HARP refinance.
Money Saving Tips You Can Do Now for the New Year
December 4, 2014 by Leave a Comment
The other day, Get Rich Slowly published 14 Smart Money Moves to Make Before the End of the Year which I liked enough to share on my Facebook page and to also included here on my blog. 🙂 There are a couple “smart money moves” that are missing on this post that I would like to suggest for home owners.
One month left before FHA mortgage insurance is permanent…SO WHAT??
May 1, 2013 by Leave a Comment
Borrowers not wanting to have FHA mortgage insurance as part of their mortgage payment for the life of the loan have about thirty days to take action. This shouldn’t be a reason to panic. 🙂
Effective FHA case numbers issued June 3, 2013 and later, FHA mortgage insurance will become a permanent part of the FHA mortgage payment.
Why do I say “SO WHAT?”
Fannie Mae and Freddie Mac improve HARP 2.0 Underwriting Guidelines
September 18, 2012 by 2 Comments
On Friday, Fannie Mae and Freddie Mac announced much needed updates to underwriting guidelines for HARP 2.0. The Home Affordable Refinance Program (HARP 2.0) has helped many Washington state homeowners with conforming mortgages (securitized by Fannie Mae or Freddie Mac prior to June 1, 2009) take advantage of historically low mortgage rates regardless of their home’s current equity (or lack thereof). You can learn more about the HARP 2.0 program by clicking here.
The recent updates to HARP 2.0 will allow more home owners to have access to this program by reducing documentation requirements for some borrowers. Here are some of the improvements:
- Reduced documentation for income and assets. NOTE: Form 4506 and verification of employment will still be required. Lenders will not be required to verify large deposits.
- Allowing borrowers with assets to not have to document income. This is available when a home owner has at least 12 months of their proposed new mortgage payment (PITI) in savings. The assets may come from checking or savings, stocks or vested retirement accounts.
- Improvements to when a borrower is removed from the mortgage. Previously if a borrower was being removed with the HARP 2.0 refinance, guidelines required proof that the remaining borrower made the mortgage payments for the last year with their own separate funds (except in the case of death). Now with HARP 2.0, in the remaining borrower can qualify on their own (debt to income at 45% or lower and credit scores of 620 or higher) they may qualify for a HARP 2.0 refinance.
Remember, banks and lenders may layer their own underwriting guidelines to Fannie Mae and Freddie Mac’s HARP 2.0 program.
If you have been turned down for a HARP 2.0 refinance before, it may be worth checking with your local, licensed mortgage originator to see if you are now eligible. HARP 2.0 is available for owner occupied, vacation homes and investment properties. I can help you if your home is located anywhere in Washington State – click here for your HARP 2.0 rate quote.
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