Financing in Santa Rosa>Question Details

Terry Bell, Real Estate Pro in Santa Rosa, CA

Does Anyone know when the new Obama refinancing plan will begin, where underwater homes with regular payments will be able to be re-fi'd ?

Asked by Terry Bell, Santa Rosa, CA Tue Oct 25, 2011

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Further details of the enhancements will be announced on November 15th, and new lenders can start doing loans under them as early as December 1st if they act quick enough - but from when the initial program was rolled out along with the increase from LTV's from 105% -> 125%, it took most banks many weeks to respond, so I really don't think lenders will start doing LTV's above 125% until mid-December, if they even go with it at all. Right now it's hard enough finding lenders who go above 105% LTV if they aren't currently servicing the existing mortgage.

http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

When will these enhancements become available?
Timing will vary by mortgage lender. The Enterprises will be sending operational instructions to lenders by November 15th. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012.
0 votes Thank Flag Link Tue Oct 25, 2011
Terry,

Here's a good article from Housing Wire: http://www.housingwire.com/2011/10/24/fhfa-removes-barriers-…

Happy funding, Rudi
Web Reference: http://www.umboc.com
1 vote Thank Flag Link Tue Oct 25, 2011
Terry,

Here is the recent update from my previous post on 10/25. Looks like it will be March 2012 before the full program will available. Click on Guide Announcement - SEL-2011-12. https://www.efanniemae.com/sf/mha/mharefi/

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sat Nov 19, 2011
Hello Terry,

Our lenders are rolling out with it on December 1st. We're waiting for further explanations on the guidelines from our lenders and it hasn't been clarified if we're going to be offering it until mid December or December 1st when we get the updates. If I can be of assistance when the program rolls out please feel free to give me a call or send me an email.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
0 votes Thank Flag Link Fri Nov 18, 2011
The new HARP guidelines go into effect on any loan applications that are submitted after December 1, 2011.

http://www.makinghomeaffordable.gov/programs/lower-rates/Pag…

This refinance program is only available to homeowners with Fannie Mae or Freddie Mac Loans, and not all lenders or servicers are allowing this program. The only lender locally that I know of that is doing it is

Michael Belfor Mortgage Banker - Regional Branch Manager
American Pacific Mortgage Corporation
Office: 415.899.8555 | Direct: 415.524.8285 | Fax: 888.512.0090
845 Olive Avenue Suite 208 | Novato, CA 94945 | NMLS: 1850 | MLO: 264700 | DRE:01878769

because they are a direct lender to Fannie Mae and Freddie Mac.
0 votes Thank Flag Link Fri Nov 18, 2011
Sorry to point out the fact, in the past it has been a Lag between when the government releases these programs and when the lenders impliment them. Last year the past a zero down FHA program and funded it. As far as I can tell no lenders are offering it.
0 votes Thank Flag Link Thu Oct 27, 2011
From what I understand the banks are not required to go along with the plan. It won't be the big deal he makes it sound like, sorry to say.
0 votes Thank Flag Link Tue Oct 25, 2011
There is some useful information at http://www.MortgageRelief.US
0 votes Thank Flag Link Tue Oct 25, 2011
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