The program basics are the same for all areas but local experts will know how to quickly identify if the areas you’re shopping are eligible (this program can only be used in areas designated as rural by the USDA) and if your income is within the limits for that area (there are income limitations [...]
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When a homeowner applies for a Fannie Mae HARP loan, there’s a chance they may be denied when their lender runs their file through Fannie Mae’s underwriting engine – “Desktop Underwriter” or “DU” for short. When the lender runs the file through the system, there are many factors that determine whether Fannie Mae’s Desktop Underwriter [...] According to a recent article in the Chicago Tribune, Freddie Mac is planning to ease guidelines for HARP. Any loan officer who’s worked on Freddie Mac’s Open-Access program knows they are harder to work with than Fannie Mae. Fannie Mae has approved more underwater homeowners (especially renters) than Freddie Mac. As a loan officer, I [...] The “No-Closing-Cost” HARP loan is becoming more of a trend and I find it slightly bothersome. Don’t get me wrong – I’m okay with no-closing-cost loans, but they should not be solicited lightly. This is especially true when we’re talking about HARP loans. In many ways, HARP loans are like any other refinance. You have lender, [...] It’s been 1.5 years since I posted “I want a HARP loan but I have PMI” and I’m happy to report that there have been many positive developments since then. The implementation of HARP 2.0 has drastically improved the options for homeowners who have PMI. However, since HARP 2.0 is so new, many homeowners [...] |
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© 2010, Cobalt Mortgage, Inc., 11255 Kirkland Way, Suite 100, Kirkland, WA 98033. Toll Free: (877) 220-4663; Fax: (425) 605-3199. NMLS Unique Identifier: 35653. Arizona MNortgage Banker License #0 909801. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Idaho Mortgage Broker/Lender License # MBL-5220. New Mexico Mortgage Loan Company License # 03587. Oregon Mortgage Lender License #ML-2991. Washington Consumer Loan License #520-CL-48866. NMLS Unique ID: 115042, WA Lic. No.: MLO-115042, CA Lic. No.: CA-DOC115042 |
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