Category Archives: Uncategorized

Home Affordable Refinance Program (HARP)

Posted on by

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

+ Eligibility

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance,?with a good payment history?in the past 12 months.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP.

+ Steps to HARP Refinance
  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
  • Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
  • Compare rates and costs with additional mortgage companies to ensure best refinance terms.

 

Follow this link to additional information -? An official program of the Departments of the Treasury & Housing and Urban Development

http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

HomeSteps offers a credit at Closing for your home warranty

Posted on by

Beginning May 25, 2012, HomeSteps will offer a credit at closing for the actual price of a home warranty up to $500 for owner occupant offers.
Here is how it works:
??? ?The home warranty incentive must be submitted with the initial purchase offer.
??? ?The home warranty incentive is only available for owner occupant offers (primary or secondary home) submitted on or after May 25, 2012. Investor purchases, auction sales, sealed-bid sales and bulk sales are ineligible for this incentive.
??? ?The home warranty incentive is valid on any HomeSteps home for sale in the United States (including PR, VI and GU).*
??? ?Under the home warranty incentive, HomeSteps will pay for a home warranty up to $500. Seller’s contribution is for a home warranty up to $500. No credits will be given for any unused amount nor will the credit exceed $500 even if the price of the home warranty is greater than $500.
??? ?Credit will not be paid directly to buyer as a reimbursement but instead be dispersed by the closing agent to the buyer?s home warranty company.
??? ?HomeSteps reserves the right to remove any property from this incentive or end the incentive at any time. The home warranty incentive will not be paid if closing does not occur for any reason. Any dispute over the payment of a credit or fee shall be resolved by Freddie Mac in its sole discretion.
??? ?The home warranty incentive is void where prohibited by law or applicable MLS rules. Selling agent is responsible for determining same prior to making offer.

For more information on check out <a href=”http://www.homesteps.com/homebuyer/offers.html” title=”Homesteps.com” target=”_blank” rel=”nofollow”>http://www.homesteps.com/homebuyer/offers.html</a>.
*The HMS Home Warranty is only offered in the continental United States.

?2012, HMS National, Inc. All Rights Reserved.