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 [...]
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The Federal Housing Finance Agency announced that the Making Home Affordable Refinance Program has been extended until June 30th, 2012. This is great news for homeowners and the housing market. Lender guidelines and participation have steadily grown since HARP’s inception. Many homeowners don’t know of the program and need this extra time to refinance their [...] If you’re reading this post, you probably found this trying to figure out how to refinance your HARP loan that has PMI (Private Mortgage Insurance). Many of you have read my post about how Bank of America won’t do PMI HARP loans they service (http://www.keaneloans.com/2009/07/28/another-flaw-with-the-harp-program). As it stands now, there are only a few [...] 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 [...] Many people who own investment properties don’t believe they can refinance their rentals due to equity (or lack thereof) . Since rental property loans require 25% equity on a traditional Fannie Mae or Freddie Mac loan, I understand why so many landlords do not attempt to refinance. [...] |
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