The Government’s Revamped HARP Program For Underwater Homeowners

Courtesy of Richard Staley, The Covenant Group
http://www.jimandrichardblog.com/

The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give “underwater homeowners” opportunity to refinance.

With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Atlanta and nationwide who stand to benefit from the program overhaul.

To qualify for the re-released HARP program, you must meet 4 basic criteria :

• Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
• Your home must be a 1- to 4-unit property
• You must have a perfect mortgage payment history going back 6 months
• You may not have had more than one 30-day late payment on your mortgage going back 12 months

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners’ participation in the program  are no longer restricted by their home’s appraised value. In fact, the new HARP doesn’t even require an appraisal, in most instances.

 

With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty.

According to the government’s press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of December 1, 2011.

 

If you think you may be eligible, first confirm that either Fannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

 

Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/

Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/

 

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible.

 

The FHFA’s official press release contains an FAQ section. In it, you’ll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance.

 

The HARP program is meant to help a wide group of homeowners, but each applicant’s situation is unique. For specific HARP questions, be sure to talk with a loan officer.

Brookhaven's Latest Addition

As Brookhaven grows by leaps and bounds, more and more people are comparing the area to a "new VA Highland."  The infamous Mom and Pop's grocery store has new owners, a new look, and a new concept....check out Brookhaven's latest addition!

Book Recommendation

One of my favorite college friends, Russ Masterson, just published a book! It was released from Tyndale House Publishers as an e-book on July 1st, and it's waiting for me on my kindle as I type.  I can't wait to read it, because knowing Russ, it's going to be fantastic! 

Here's a brief summary, but feel free to jump to his website for more info: http://www.russmasterson.com/

40 Days without Food: Divine Goodness to a Starving Soul
By Russ Masterson
“I had a college degree, and soon a seminary degree to accompany it, yet I didn’t know where to go or what to do.” Russ Masterson had read and heard about purpose, but didn’t have a clue what his own purpose was. And there was emptiness where there should have been value. As he puts it, “I kept hoping a step would arrive when it was time to lift my foot.”

Disillusioned with his life, as well as with God, he heard this advice: fast from food for 40 days. Faithless and frazzled, Russ accepted the challenge, hoping for direction, reflecting on the past, and wrestling with issues like purpose, faith, and love.

In this book, readers will find a fresh literary voice — an insightful thinker who meets people in their humanity while helping them to see they can be rescued from it. The journey of these forty days without food will help you explore what really matters in life.

Available on the Kindle, Nook, and iPad (via the free Kindle app for iPad).

Tax Appeal

Hi everyone!  It's been a crazy month, as I'm preparing for multiple closings on the 30th.  Sorry for the lack of blogging....promise to do better in July!

Be on the lookout for your annual notice of assessment from your county's property appraisal department.  Many of you will be able to appeal your assessed value.  This is hugely important, because as the market value of many homes has declined, your taxable value has (in many cases) has not.  Which means you may be overpaying on your property taxes!

If you live in the Atlanta area, don't hesitate to contact me for info about your home's value in today's market.  If you don't live here, reach out to a local realtor for a quick market analysis. 

(Btw, those of you in Dekalb County, notices went out at the end of May, with a 45-day opportunity to appeal.)

GOOD LUCK!

When It Rains, It Pours....

....or "When You Go On Vacation, Your Clients Will Go Under Contract."

Sorry for the lack of posting lately, but I've been away on a family vacation.  And sure enough, two of my clients went under contract while I was gone!  (Maybe I should leave town more often?!)

My Ashford Park listing went under contract for FULL PRICE, with multiple offers!

And one of my buyer clients fell in love with this fantastic house.....

HUGE (and super inadequate) THANKS to my colleague and friend, Jessica Reichart, for taking care of my clients while I was away!  They all raved about her when I got back, and I am truly grateful for her help!  Thank you, Jessica!

Gas Prices And Homebuyer Decisions

Are today's gas prices influencing your home-buying decisions?  Or would they, if you were in the market to buy?  Here in Atlanta, where the average commute is 30 minutes (and 100% frustrating), I'm positive that shorter commutes will be high on my buyers checklists!

I thought this was a good article, about this new trend in buyer behavior.

Btw, our gas prices are right around $3.85!  Is it sad if I remember a time when gas was only 79 CENTS a gallon?! What about some of you?

Insurance Tip

Many of you are homeowners, and although I hope you NEVER have a reason to make an insurance claim, here's a tip for you just in case:

Walk through your home and take pictures of each room from multiple angles.  Also take pictures of everything in your closets and cabinets.  Upload them to Picasa or Shutterfly, so that the pictures are online and not actually stored in your home. 

(Video also works well, for the technologically advanced out there.)

If you ever find yourself in the position of having to make a claim, you will be SO glad you have these!  Have any of you taken pictures like this?