Home Affordable Foreclosure Alternatives Program (HAFA) On November 30, 2009, the Treasury Department released some exciting news and requirements for its new Home Affordable Foreclosure Alternatives Program (HAFA). As part of the Home Affordable Modification Program (HAMP), HAFA is set to assist distressed homeowners obtain pre-determined short sale agreements that will enable both buyer and … [Read more...]
Arizona Mortgage Fraud: Investigated By FBI
FBI Investigates Mortgage Fraud Cases in Arizona Mortgage fraud seems to be a hot topic in the media lately, both right here in Arizona as well as in the national news. Because of the current housing crisis that the country is in, many people point to "mortgage fraud" as being on the main contributing factors that put the country in crisis. And although to some people it may seem to be a case … [Read more...]
1% Down Payment FHA Loan – AKA National Stabilization Program
I have heard from more than one local Realtor that many mortgage professionals are telling them that there is a new FHA Loan that only requires only a 1% down payment. I have good news and bad news. First the bad: FHA has not changed their guidelines recently, they still require a 3.5% down payment. Now the good. FREE money. Money that I am pretty sure many, many people out there can … [Read more...]
Making Home Affordable Refinance: Freddie Mac Changes Rules
In April, the details of the Making Home Affordable plan were released and it was announced that there was a "refinance" portion to the plan and a "loan modification" portion to the plan. The rules for refinancing depended on whether your loan was owned by Fannie Mae or Freddie Mac and we talked about how to tell if your loan was owned by Fannie Mae or Freddie Mac (see below). At that point … [Read more...]
New Home Buyer Tax Credit Monetization Plan: How Much Will It Cost?
In my opinion, one of the nice things HUD did in their recent mortgagee letter (2009-15) regarding the use / monetization of the new home buyer tax credit is that they specifically laid out how much “it should cost” the consumer. According to the Official Mortgagee Letter (2009-15): “Any costs attendant to the purchase of the tax credit are to be nominal and discounting the anticipated credit … [Read more...]
New Home Buyer 8000 Tax Credit Down Payment: Answers To Questions
Yesterday HUD issued Mortgagee Letter 2009-15 which gave official guidance on how exactly you can turn the 8000 Tax Credit for new home buyers into cash to help you cover your closing costs and possibly part of your down payment. Home Buyer Tax Credit Monetization: How To Claim The 8000 Tax Credit While many people have many questions, I decided to cover the most popular ones that I hear. … [Read more...]
President Obama Says It Is Time To Refinance
One of my good friends (and uber-smart, I'm-lucky-to-know-her-type-of-person) originally posted this on Zillow's mortgage blog, and since she said it so well... I figured that there was no need for me to re-say it. Thanks Mary! Speaking from the White House today, President Obama urged homeowners to refinance. Mortgage rates are at historical lows, and the government’s new Making Home … [Read more...]
Home Path Mortgages: Great HomePath Mortgage Deals From Fannie Mae
We are currently working with a couple of people who are buying a home that is owned by Fannie Mae and are getting approved for the new HomePath mortgage program. As mortgage guidelines have gotten tighter over the last couple of years, it is nice to see a program come out that actually has features like no appraisal and no mortgage insurance. If you are interested in buying a home that is … [Read more...]
Making Home Affordable Plan
Earlier today, the details were released about the "Making Home Affordable" plan outlined by the Obama administration. When this plan was first announced by President Obama here in Mesa a few weeks ago, my first reaction was "let's wait for the details". My reaction now the "details have been released"? I don't know. Really. I really don't have an opinion on whether or not the plan … [Read more...]