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December 19th, 2011 by Joe New
VA Funding Fee, Update on Yes, No, Maybe…..NO-
If you are following the VA Funding Fee changes that’s been going on , here is the final version.
Confused? Trust me…. not as much as the servicers 
. Final result…. Nothing changes (except for the 10 days noted below) until September 30 2016.
October 1 – October 5, 2011: VA funding fees decreased* from 2.15 to 1.40 (first time users) and 3.30 to 1.65 (second and subsequent use)
October 6 – November 17, 2011: VA funding fees returned* to the fee schedule of 2.15 (first time users) and 3.30 (second and subsequent use)
November 18- November 22, 2011: VA funding fees decreased* from 2.15 to 1.40 (first time users) and 3.30 to 1.65 (second and subsequent use)
November 22- September 30, 2016: VA funding fees returned* to the fee schedule of 2.15 (first time users) and 3.30 (second and subsequent use)
*Veteran
Here is the Funding Fee Chart until September 30, 2016:
Veteran / Reservist/National Guard
First Time Use
Downpayment Less than 5 percent1
November 22, 2011 through September 30, 2016 2.15% / 2.40%
At least 5 percent but less than 10 percent
November 22, 2011 through September 30, 2016 1.50% / 1.75%
10 percent or more
November 22, 2011 through September 30, 2016 1.25% / 1.50%
Second and Subsequent Use
Downpayment Less than 5 percent1
November 22, 2011 through September 30, 2016 3.30% / 3.30%
At least 5 percent but less than 10 percent
November 22, 2011 through September 30, 2016 1.50% / 1.75%
10 percent or more
November 22, 2011 through September 30, 2016 1.25% / 1.50%
Refinancing Loans
Interest Rate Reduction 0.50% / 0.50%
Other
Assumptions 0.50% / 0.50%
Service-connected Veterans 0.00% / 0.00
November 28th, 2011 by Joe New
HARP What is it?
WHAT’S ALL THE HYPE ABOUT HARP ? (source: Mortgage Market Guide and Sharla Ellis)
We have had questions on what HARP is (since the enhancements were just announced), so here you go:
On Monday, October 24th, 2011, The Federal Housing Finance Agency (FHFA) announced their enhancements to the Home Affordable Refinance Program (HARP). The HARP program came about during the credit crisis to help borrowers refinance who may be “under water” on their homes.
What’s Really New?
First, it’s important to realize that the president’s proposal is not a new program, but a revision to the current Home Affordable Refinance Program (HARP). However there are some big changes that you can let people know if they ask you.
Refinance…No Matter How Underwater
Now homeowners can refinance no matter how underwater they are! Before homeowners could only refinance if they were 25% or less underwater, and even then many banks only let people who were 5% or less underwater refinance.
No Appraisal Necessary?
With the program’s revision, it’s possible that an appraisal won’t have to be performed. That’s great news because it can help people save time and money. But this is only the case if Fannie Mae or Freddie Mac can electronically estimate the value through their valuation models.
But Keep in Mind…
These updates to HARP apply only to people whose mortgage is currently secured by Fannie Mae or Freddie Mac…and whose loan was securitized by Fannie Mae or Freddie Mac prior to May 31, 2009. So the chances are that people who have refinanced since May 2009 will not qualify to refinance under the HARP revision.
What’s Next?
As of now, the revisions to HARP have been proposed by President Obama and the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac. This directive has been given to Fannie Mae and Freddie Mac, and they now have until November 15, 2011 to give guidance and details regarding how these changes will be run.
Check out these websites to see if a loan is owned by Fannie or Freddie http://www.fanniemae.com/
Link to the FHFA press release:
http://www.fhfa.gov/webfiles/
October 31st, 2011 by Joe New
Time To Buy before FHFA makes Changes
To your Success 9-26-2011 from Joe New on Vimeo.
September 26th, 2011 by Joe New
Systems Check, “One Timing”
To Your Success August 22 from Joe New on Vimeo.
August 23rd, 2011 by Joe New
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