USDA Home Loans- What every home buyer should know Part I

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 [...]

How to get your Fannie Mae HARP loan approved through DU

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 [...]

Freddie Mac HARP loans are getting easier

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 [...]

Watch Out for “No Closing Cost” HARP Loans

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, [...]

I want a HARP loan but I have PMI- Part II

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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