The Federal Savings Bank today announced the release of the HARP 2.0 Relief Refinance program. If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.
Eligibility Requirements
You may be eligible for HARP 2.0 if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage cannot have been orginated after March 1st, 2009.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months
Program Highlights
- No Maximum Loan to Value (Borrower can refinance no matter how far underwater)
- No Minimum FICO scores
- No Appraisal Required
- Fixed Rate Financing Available
- Interest Rates at Historical Lows
Here is the information we need from you to determine your eligibility:
- Exact Property Address
- Loan Amount
- Is there Private Mortgage Insurance
- Date current mortgage was taken out on property
- If Freddie Mac loan they require last 4 digits of Social Security Number to determine eligibility
Give me a call or send me an email and we can help you determine eligibility. It takes just a few minutes. My contact information is below.
Larry Steinway
Senior Vice President
The Federal Savings Bank
300 N. Elizabeth Street, Suite 3E
Chicago, Illinois 60607
Office: 312-738-6261
Mobile: 224-595-8600
Fax: 312-491-5386
According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, privately-owned housing starts in April were at a seasonally adjusted annual rate of 717,000. That’s 2.6 percent above March’s revised number and 29.9 percent above April 2011. Single-family housing starts were also up in April, rising 2.3 percent from the month before. And though total building permits fell after rising 4.5 percent in March, single-family authorizations were at a rate of 475,000, which is a 1.9 percent increase over March’s revised figure of 466,000. More here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was up 9.2 percent last week due to a 13.0 percent surge in the Refinance Index. The seasonally adjusted Purchase Index, however, fell 2.4 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the increase in refinance activity was due to a spike in the conventional sector and not because of rising government loan demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to another new low, dropping to 3.96 percent from 4.01 percent the week before. More here.
Builder confidence in the market for newly built, single-family homes rose five points to 29 in May, according to the National Association of Home Builders Housing Market Index. The improvement brought the index to its highest level since May 2007. Barry Rutenberg, chairman of the NAHB, said builders are reporting a pickup in sales and traffic after a pause in April. According to Rutenberg, it’s a sign that the upward trend in confidence that began earlier this year has resumed and that stabilizing prices and excellent affordability are encouraging people to purchase homes. Each of the component indexes measuring current sales, traffic, and expectations for the next six months rose in May after declining in April. More here.
Fannie Mae’s April 2012 National Housing Survey finds Americans’ attitudes toward homeownership, the economy, personal finances, and home prices continuing to improve. A large majority of respondents say now is a good time to buy a house and an increasing number say it’s a good time to sell. Doug Duncan, vice president and chief economist of Fannie Mae, said after flat lining at depressed levels for more than a year, the growing number of consumers who feel it’s a good time to sell suggests rising optimism for the housing market. Among the other highlights of the survey, the number of respondents who expressed confidence in the economy’s direction hit a two-year high in April and Americans expect home prices to rise by 1.3 percent over the next year. Also, 23 percent of Americans say they’ve seen an increase in their personal income over the past 12 months, which is the highest level recorded in a year. More here
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New data from Freddie Mac finds 79 percent of homeowners who refinanced their mortgage during the first quarter of 2012 reduced or maintained their principal balance. The number of borrowers who were able to maintain about the same loan amount after refinancing was the highest in the 26 years Freddie Mac has been tracking the data. Frank Nothaft, Freddie Mac’s vice president and chief economist, said the typical borrower reduced their mortgage rate by 1.5 percent which, on a $200,000 loan, would save them nearly $3,000 over 12 months. Also, HARP loans accounted for 20 percent of Freddie Mac’s refinance fundings during the first quarter. According to Nothaft, it was the highest share of HARP loans since the inception of the government program and was largely due to recently adopted enhancements. More here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures both refinance and purchase loan activity, rose 1.7 percent last week from the week before. The increase was due to growing demand for conventional rather than government loans. Demand in the government market was down last week but, despite the dip, the Purchase Index rose 3.4 percent and the Refinance Index increased 1.3 percent. The refinance share of all mortgage activity was 72.1 percent. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.01 percent from 4.05 percent the week before. It was the lowest 30-year rate recorded in the history of the survey. More here.
The National Association of Home Builders’ Improving Markets Index held steady at 100 in May, down from 101 in April. The number of represented states was also virtually unchanged from the month before at 35. The index determines improving housing markets based on metropolitan areas that have had at least six consecutive months of improved housing permits, employment, and home prices. In May, 17 new metros were added to the list, while 83 cities carried over from April. Barry Rutenberg, NAHB’s Chairman, said the fact that there are 100 markets across 35 states that are improving illustrates that the health of the housing market is determined by individual metropolitan areas more than national data. More here.
Speaking at an economic conference in Washington, Shaun Donovan, secretary of the Department of Housing and Urban Development, said the housing market has turned a corner. Donovan cited sales statistics, the number of signed contracts, and the decreasing number of households falling into foreclosure as evidence that the market has made progress over the past few years. Donovan’s remarks echo the increasingly positive forecasts being released by industry insiders and market analysts. For example, Fitch Ratings’ most recent outlook says housing starts should see a 10 percent increase in 2012, with new home sales up 8.0 percent. And Capital Economics’ Paul Diggle expects housing to become a boost to economic growth in the near future. More here, here, and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s monthly Housing Scorecard collects key market data and tracks the administration’s recovery efforts. The April report cites progress made in home sales and mortgage delinquencies but says there is continued fragility in the housing market. Mortgage delinquencies have declined for four straight months and existing-home sales are up more than five percent from last year’s level. Home prices, while still fragile, are beginning to show signs of stabilization and, in some markets, improvement. Also, inventory is at its lowest level in years, having fallen to levels typically associated with a healthy, balanced market. More here and here.
