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The History Of HARP

         

The Home Affordable Refinance Program (HARP) is more than 4 years old. It was initially authorized by Congress as part of the 2009 American Recovery and Reinvestment Act.
Shortly thereafter, the Federal Housing Finance Agency (FHFA) -- conservator of Fannie Mae and Freddie Mac -- wrote the rules to make HARP "real", basing the program on the popular streamlined refinance programs already available via the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA).
These programs are known as the FHA Streamline Refinance and the VA Streamline Refinance, respectively. HARP, backed by Fannie Mae- and Freddie Mac, was meant to be the Conventional Streamline.
The Federal Housing Finance Agency aimed to reach 7 million U.S. households via the HARP program, touting that the typical refinancing household would save $3,000 annually via HARP. Those estimates were proved to be conservative.
Through the program's first two years, mortgage rates dropped and the benefits of HARP increased. Yet, by November 2011, fewer than one million households had successfully refinanced under the "Obama Refi".
That's when HARP 2.0 was released.
HARP 2.0 was identical to the HARP's initial iteration except that it removed two key clauses which hampered product penetration.
First, HARP 2 removed loan-to-value restrictions, granting program access to homeowners who were severely underwater. This was a boon in cities such as Phoenix, Arizona; Las Vegas, Nevada; and Atlanta, Georgia where homes had lost as much as 25% of their value. Second, HARP 2 made it easier for U.S. homeowners to refinance with a lender different from their current one.
Not surprisingly, under HARP 2, refinance volume soared. Today, more than 2.7 million households have benefitted from the HARP refinance program -- many saving  more than 3000.00 a year.
However, home values are rising nationwide which means that fewer U.S. homeowners are underwater. The need for HARP 2 is shrinking, which may result in the next release of the Home Affordable Refinance Product -- HARP 3.

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What Changes To Expect From HARP 3

The Home Affordable Refinance Program is an unqualified success.
More than 2.7 million households have used it to refinance since its launch, and today's HARP refinance saves the typical U.S. mortgagor 27 percent monthly. Those are big numbers and they've been good for the broader economy.
However, as refinances slow, the HARP program is ripe for another round of changes, an iteration which the public would call "HARP 3".
The chatter is growing.
The White House has made frequent reference to HARP 3 lately, calling the refinance program "A Better Bargain For The U.S. Homeowner". Plus, in Congress, there's an active bill in committee known the "The Responsible Homeowners Act of 2013". This bill could be the HARP 3 blueprint once it's passed as law.
By any name, HARP 3 would expand the program's scope. Similar to how HARP 2.0 added unlimited LTV clauses to render more U.S. households refinance-eligible, HARP 3's changes are expected to do the same.
Among the discussed changes to Harp3

• Allow "Re-HARP", the refinance of an existing HARP mortgage
• Allow non-Fannie Mae and Freddie Mac loans to get refinanced
• Allow larger loan sizes in high-cost areas
• Allow loans from after May 31, 2009

HARP 3 may also give U.S. homeowners the ability to consolidate a first and second mortgage, something which is prohibited with the current HARP iteration; and to get access to more lenient mortgage approval standards.
It's not known whether HARP 3 will pass today, this week, this month, or even this year. However, it should be noted that the Federal Home Finance Agency does not require congressional approval in order to expand HARP.
If the agency wants to make changes to HARP, it can.
The FHFA has already extended the program's end date to December 31, 2015 and it has launched a massive PR campaign to tout the program's availability and effectiveness nationwide.
HARP 3 is a logical next step.

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Get HARP Mortgage Rates Today

The Home Affordable Refinance Program has been an integral part of this decade's housing market. Underwater homeowners have joined the Refinance Boom and, collectively, have saved tens of millions of dollars.
Soon, HARP 3 should launch nationwide. When it does, will you be ready? Take a look at today's live mortgage rates. See what kind of monthly savings you can expect from HARP. Rates are available online for free @  http://lowrates.blogspot.com/p/blog-page_6.html
with no obligation whatsoever or call (916)910-8737 for more details.

What is HARP 3.0?

 

Home Affordable Refinance Program for non Fannie Mae or Freddie Mac borrowers. The Obama administration may be unveiling  a new variation of  the  HARP program as early as next week.

On Tuesday, President Obama called on Congress to pass legislation that will give all borrowers who are current on their mortgages the opportunity to refinance.

The cost of this proposal will be fully offset by the President’s Financial Crisis Responsibility Fee
HUD Secretary Shaun Donovan

The new proposed HARP 3.0 builds on the momentum of the HARP and HARP 2.0 programs which were revamped last year to help millions of additional underwater home owners in the United States. Guidelines such as loan to value, income requirements, and in home appraisals are being streamlined so that home owners may refinance at today’s low interest rates.

The new program should have all the same benefits without requiring that the existing loan be owned by Fannie Mae or Freddie Mac.

What Is A Conforming Mortgage "Loan Limit"?

A "conforming mortgage" is so named because its loan traits -- quite literally -- "conform" to the loan rules set forth by Fannie Mae or Freddie Mac.
Fannie's and Freddie's mortgage guidelines are dense, covering thousands of home loan traits, but there is one over-reaching rule -- neither Fannie Mae nor Freddie Mac will securitize a mortgage that's considered "too big" for its books.

Defining "too big" is an annual decision-making process based on the economy and home price data. The debate results in a "loan size limit"; the maximum amount of mortgage that Fannie and Freddie will allow, per their respective home loan guidelines.
Loan sizes up to these maximum amounts can be

conforming mortgages. Loan sizes beyond the


conforming loan limit are often considered "jumbo".

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Who is Fannie Mae?

The Federal National Mortgage Association (Fannie Mae) is the nation’s largest mortgage buyer and a financial juggernaut that affects the lives of tens of millions of home buyers. It was taken over by the federal government on Sept. 8, 2008, along with Freddie Mac, as the two mortgage giants struggled with deep losses and investors lost confidence in the pair.

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The federal government created Fannie and Freddie to increase the availability of loans. Largely because of investors’ belief in an implicit government guarantee, these so-called government sponsored entities were able to lower the cost of millions of mortgages. But during the housing boom, they misused the government’s support to enrich shareholders and executives by backing millions of shoddy loans. Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.
In May 2012, Fannie Mae announced that it made a profit in the first quarter and that it did not need additional bailout money — a first since the federal government took it over in fall 2008. The company reported quarterly net income of $2.7 billion, up from a $6.5 billion loss in the first quarter of 2011.

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A slowdown in the decline of home prices and in the number of homes entering serious delinquency allowed the company to eke out a profit after paying its dividend to the Treasury. Fannie Mae also said losses on its portfolio of home mortgages had probably peaked and that it expected better profits in the future, a sign that the worst might be over for the battered American housing market.
Fannie received about $116 billion from the Treasury over the previous three and a half years and paid back about $23 billion in dividends. Its brother institution, Freddie Mac, received about $72 billion and paid back about $18 billion.

Super Success

I will share with you a few short keys to help you move your way up to being a high producing rainmaker in your business. The pathway to excellence is not easy. It's one of the key reasons most people never achieve it. They aren't willing to apply themselves with enough focus, force, and consistency to overcome the challenges and hurdles that litter the small, narrow, rocky pathway to super success!

A number of years ago, I started to plan out what I wanted to teach my son, Wesley. What were the tools, skills, characteristics, knowledge, and attitudes I wanted to instill in him? He is, in effect, "on loan" to Joan and I for 18 years. I want the loan to be at full maturity when it comes due in 13 more years.Once I had completed my plan, I asked myself a question. If I could only ensure he got one of these because my life was cut short, which one would I select? It took me a few minutes to decide which one. My decision was discipline. Now, you might have selected something else from the list for your child. The reason I selected discipline was because, if he got that, he could acquire any of the others in my plan when he needed it. If he really needed something later in life, his discipline would give him the basic building block to achieve it. I also recognized at that moment that, if he learned and acted in a disciplined way, his success was guaranteed. It doesn't mean he won't have hardships and challenges; it means he would have the primary skill necessary to work through them. A Champion Listing Agent is no different. To really be at that Champion level, they have to acquire discipline.Discipline is the most fundamental building block for successful people in life. Nothing of significance can be accomplished in life without first developing and then mastering the skill of discipline in a key area. It enables you to capture your motion and wisdom and translate them into action. Discipline is the bridge between thought and accomplishment – between inspiration and achievement – between necessity and productivity. Most of us align the word discipline with negative emotions, such as fear and guilt.Here is our challenge in life: You must do things you don't want to do … so you can have the things in life you want to have. It is the process of purposeful delayed gratification. An immediate reward for lack of discipline is a Friday at the golf course. A future reward of discipline is owning the golf course. It's not a matter of "if" but of "when." If it is later, the price is greater. You will pay a greater price for your success if you put off doing disciplined action to achieve that success.Discipline is action: an act of will and self-management aligned with your priorities. Real discipline is having total control over the yes's and no's of life

"Life is a series of problems. Discipline is a basic set of tools that are required to solve life's problems." ~M. Scott Peck

As a Champion, I define discipline as:

"A personal system of skills and personal techniques, developed by an individual, that are used to correct questionable behaviors and promote positive growth, personal development, integrity, and a strong character."

Success is not something you pursue; success is something you attract by the person you become. Our mandate is to develop disciplines of success first in ourselves and then help others on the team acquire those disciplines, as well.Success finds you when you are:

• Disciplined
• Diligent
• Consistent
• Mentally strong
• Have impeccable skills in sales and time management
• Striving for greater knowledge

Most people create a large list of undisciplined habits that they posses. We all know the things that we do that lead to our demise. We resolve over and over again to wipe out those undisciplined habits from our lexicon in life. We resolve to quit smoking, quit eating certain foods or too much food. We try to attack and wipe out the negative in our lives.For most of us, we can't focus too much on what we aren't doing in a disciplined manner. That can lead to disappointment, lack of motivation, and in extreme cases, hopelessness. Too much focus on the "have not's" rather than the new "haves" is really the wrong approach to a disciplined life. The correct approach is to focus on something new, to establish a new habit or discipline. We need to feel the good feelings and good rewards of starting and keeping with something that is beneficial to us and something new. We need to gain an advantage over the bad habits by establishing new, good ones.Focus on walking around the block, making a couple of calls daily to your past clients, practicing your scripts and dialogues daily. These will all enable you to establish more discipline and success in your life.

FHA Stream Line :: Easy Payment Reduction

 

FHA Streamline Loan Requirements

FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.

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For those who do have an FHA home loan, the other requirements for FHA Streamline include:

• 1. Being current on the existing loan with all mortgage payments made on time for the last year.


• 2. You must own the original property for at least six months before you can qualify for refinancing.


• 3. To refinance you’ll need an FHA-approved lender. If you don’t want to use your current lender, any bank you choose must be FHA approved. ( We are Approved)
  
• FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.


•  Arranged  a “no-cost” FHA Streamline loan. You may also choose to include the closing costs into your loan a “with appraisal” FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount.

There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions.

FHA WebSite