Mortgage Modification Scam Alert- Avoid any companies that want to charge you a fee in exchange for lowering your mortgage through the TARP or Home Affordable Modification Program (HAMP). There is no consumer fee to apply for these programs.
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that it has shut down 85 alleged on-line loan modification scams promoted through Web banners and other Web ads.
The New and Improved HARP programs - GSEs Announce Guidelines for Compliance With HARP Phase II - the highlights are:
* Lenders are expected to start originating these loans 12/1/2011 - and the program has been extended to 12/2013.
* Counts of mortgages with the bureaus for HARP Phase II criteria suppressed against the standard criteria pre-HARP II and more than 27 million untouched homeowners would be eligible. These changes are certainly a step in the right direction, and provided that rates remain low, should allow many homeowners to refinance and save a considerable amount of money.
* The elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers - if you refinance from a 30 year into a 25 year it will cost you less money to refinance.
* The elimination of the need for a new property appraisal where there is a reliable automated valuation model (AVM) estimate provided by the GSEs - this is not available in all areas.
* For Fannie Mae owned loans - the new guidelines include the removal of the maximum LTV ratio limit for Refi Plus mortgage loans secured by fixed-rate mortgages with terms up to 30 years. This now includes loans with terms of 15 years.
The next Step in easing mortgage purchase and refinance limits is in the hands of our lawmakers. Congressional leaders have reportedly agreed to raise the maximum size of residential mortgages backed by the Federal Housing Administration (FHA). House and Senate lawmakers responsible for reconciling spending bills agreed to a new limit of $729,750 on FHA-insured loans; mortgages backed by Fannie Mae and Freddie Mac, however, would remain at their current level of $625,500.
What this means for people who want a mortgage: FHA loans require a smaller down payment and mortgage insurance. Rates are lower for FHA loans, the additional cost of mortgage insurance will make the monthly payments higher. Mortgage Insurance is required for almost all lenders with less than a 20% down payment or equity in a home. FHA loans require mortgage insurance to be paid for a minimum of 5 years, and it can only be removed by paying down the original mortgage amount to 80% of the value of the home, it cannot be removed due to an increase in value of the property.
30 year fixed - 3.875% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.250% + 0% points for rate
10 year fixed - 2.99% + 0% points for rate
5/1 ARM - 2.50% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.250% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75% with + 0 points for rate
7/1 ARM - 3.25 with + .625 % CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.125% with +.250% points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.875 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949
Jennifer Buchanan- Your certified expert
on mortgages offering Free Unbiased
recommendations based on your needs.