THE PROBLEM For years, FHA has allowed existing homeowners with FHA insured loans to refinance to new rates without an appraisal. Similar to HARP, FHA streamline refinances have traditionally allowed homeowners to take advantage of lower rates with relaxed guidelines on home value. Without any new stimulus bills, speeches from the president, or elaborate media [...]
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On his September 8th speech, Obama pledged to work on a new refinance program that will lower homeowners payments and put more money in their pockets. Sound familiar? It should because the Making Home Affordable movement has two refinance programs and a modification program. So what will make this one different? We haven’t [...] As we get closer to a potential government shut down, I’ve seen several reports on how this will affect the housing market and the mortgage industry. Some of the information is accurate but there are some consequences that have not been mentioned. The largest impact will be directly to mortgage loans that are being contracted [...] Earlier this month, the House of Representatives passed a bill to kill the FHA short refinance program. For someone who’s personally tried to assist a client in qualifying for this, I tend to agree with this movement. The concept of the program is good and it may be true that principal reduction is required to prevent some [...] There’s a few major problems in the new FHA Short Payoff refinance that has been added to the “Making Home Affordable” family of solutions. I’ll later take the time to write the full details of this issue, but I need to get this message out over the next couple of days. The new FHA program [...] |
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