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On November 15th, 2011, Fannie Mae and Freddie Mac released guidelines for the Home Affordable Refinance Program (HARP). This comes less than a month after the October 24th announcement by The Federal Housing Finance Agency (FHFA) about expanding HARP.
The goal of expanding HARP in the new guidelines is to allow more borrowers who are behind on their home loans or who have little equity to be able to refinance at today’s low interest rates. Fannie Mae and Freddie Mac hope that this will:
- Stabilize the housing market. A market that have seen frustration for a long time
- Boost the economy by putting extra spending money in the pockets of consumers who are likely to spend them.
HARP BENEFITS FOR QUALIFIED HOMEOWNERS
- Homeowners can refinance from now through December 31, 2013.
- No maximum Loan to Value LTV is required (this applies to all homeowners refinancing into a fixed rate mortgage).
- Homeowners refinancing into an adjustable rate mortgage can go up to a maximum LTV of 105%.
- Appraisal is not required as long as an automated value can be determined.
At Tricont Mortgage, we are optimistic that these benefits will bring the much awaited relief to our borrowers. However, we are waiting for clarity on how the new HARP program will be implemented. The Fannie Mae and Freddie Mac November 15 announcements offer more encouragement for all borrowers with low to no equity on their homes.
There are approximately 4 million Fannie Mae and Freddie Mac borrowers with mortgages larger than today’s market values for their homes. Across the country, there are about 11 million homeowners or about 22.5% of all outstanding loans who have fallen behind on their loans, according to CoreLogic, a data provider to mortgage underwriters. Of these, about 2.4 million hold less than 5% equity in their homes.
WHAT IS HARP?
HARP is a Federal Housing Finance Agency (FHFA) program that allows homeowners facing difficulties refinancing their mortgage through conventional methods to apply for a refinance of their mortgage. Homeowners that are current with their monthly payments but are unable to refinance because of a drop in the market value of their homes are the ideal candidates for HARP program. HARP goal is to allow a homeowner to refinance their mortgage into a lower interest rate and monthly payment.
HARP ELIGIBILITY GUIDELINES:
- The loan must be owned or guaranteed by Fannie Mae or Freddie Mac
- The loan was sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The loan was not refinanced under HARP previously, unless it is a Fannie Mae loan that was refinanced under HARP from March through May, 2009.
- The loan’s current loan-to-value (LTV) is greater than 80%.
- There is no loan-to-value cap in the new HARP for fixed-rate loans. Previous cap/limit was 125%. Fixed Rate refinance borrowers can now go beyond 125%. LTV
- Loan on borrower’s property must be owned or guaranteed by Fannie Mae or Freddie Mac. Call us if you are not sure who own or is guaranteeing your mortgage (803) 317-2500
- Borrowers must be current on their mortgage monthly payments at time of application. They can have one 30-day late payment in the past 12 months, as long as it is not within the last 6 months before application.
- Borrowers must have a reasonable ability to pay the new mortgage monthly payments.
- The refinance must improve the borrower’s long-term affordability or stability of the loan.
For more information on different mortgage loan types, refinancing, blog posts, please visit us @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan.
Good luck on your investment and enjoy your house…..I can be reach @ (803) 317-2500 or email me @ aomoregbee@tricontmortgage.com……..Thank you very much and Welcome.
Hope we can earn your trust and help you with all your mortgage and financial needs ….. PLEASE LEASE US YOUR COMMENTS.
Protect Your Family From Lead Poisoning
Lead is a toxic metal that was used for many years in paint, plumbing, and other areas of the home. Exposure to lead can damage children’s brains and nervous systems, causing behavioral problems, learning disabilities, seizures, or death. Children 6 years old and younger are the most at risk of lead poisoning.Homes built before 1978 are especially dangerous, but can be made safe.
You can prevent lead poisoning by
•Getting your home tested: Homes built before 1978 are especially dangerous, but can be made safe.
•Getting your child tested: A simple blood test can detect if high levels of lead are present.
•Getting the facts: Visit Lead Free Kids to learn more about testing and other ways to be lead safe.
Learn more about what you can do to protect your family from lead poisoning.
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Sometimes life throws us a curve ball when we least expect it. This video by the FTC is a good teaching on how to deal with debt collectors. Take a few minutes to listen: Dealing with Debt Collectors
For OTHER financial or mortgage help, please call us @ (803) 317-2500 or visit our website @ http://www.tricontmortgage.com/ to obtain a no closing costs, no down payments and a low, low rate mortgage to ”Three Times Your Savings” at our “Low Rates Warehouse”
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USDA Government guaranteed and insured loan is a loan that offers purchase or fixer upper borrowers a 100% financing in the rural areas of the country. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Some urban areas also qualify for these loans. More than 75% of South Carolina qualifies for USDA mortgage loans.
With a USDA loan program, an individual or family may borrow up to 100% of the appraised value of the home.
NOTE: Many USDA loans are available with:
- No Money Down.
- No Mortgage Insurance
- Affordable by Low Income Borrowers
- Come with Low Monthly Mortgage Payment.
- Borrower only Needs a 620 Credit Score
For details on this and/or other mortgage loan types, please visit/email us @ www.tricontmortgage.com / aomoregbee@tricontmortgage.com or call us @ 803) 317-2500
My name is Aideyan Omoregbee. I moved from New York to the Carolinas in 2007. With the move, my contacts and reputation in the mortgage industry was left In New York, I was very well-regarded in my community, to mortgage consumers, my peers and other industry leaders.
Since starting as a mortgage loan officer in 1996, I have worked for only four companies before joining Tricont mortgage. For the 11 years I worked as a Loan Officer in New York, I never had to seek a job but was constantly approached by banks and other mortgage companies in need of my service.
I was very successful because I treated my customers as I would treat my mother, as my MVP (most valuable person). I won top national awards at Bank of America and at Fidelity Mortgage where I won the national Eagle and other bank awards year after year. When I moved to the Carolinas, I was surprised by the way banks and mortgage company’s owners and loan officers treat their customers. I couldn’t fit in and didn’t want to.
As luck would have it, I ended up here at Tricont Mortgage. Tricont Mortgage lends and prides itself as a place where good relationship, respect and treatment of our customers not only matters but really does come first. I hope I will be able to retire here. ……..Thank you very much
TRICONT BUZZ Tricont Buzz www.tricontbuzz.com was established in 2011 as a Division of Tricont Financial Corporation and Tricont Mortgage to reach out and to cater to the growing needs of our home mortgage, commercial loans and finance consumers throughout the United States and beyond.
Since established, Tricont Buzz and Tricont Mortgage has witnessed an unprecedented growth and interest in our no closing cost, no down payments and the lowest interest rate in the industry. Today, we utilize Tricont Financial Corporation “Low Rates Warehouse” to “Three Times The Savings” of our customers.
At Tricont Buzz, we blog about the ups and downs of home loans financing, commercial loans, debt consolidation, government loans, home equities, etc… Tricont Buzz editors also blog about federal, states and local government’s policies on foreclosures, mortgage financing, mortgage fees and interest rates trends and the financial impact on our customers.
TRICONT MORTGAGE TFC Tricont Mortgage www.tricontmortgage.com is the designer and publisher of “Low Rate Warehouse” & “Three Times Your Savings” a nation’s #1 place for consumers looking to take advantage of the lowest no costs, no down payments, low fees and the lowest rates in the mortgage industry by completing a 3 easy steps product matching interview.
Tricont Mortgage, is also a nation’s premier home for quality no closing costs, no down payments and low rates refinances, purchases, Home Equities, Commercials, Reverse Mortgages, VA loans, FHA Mortgages, USDA Mortgages, Government Loans and Mortgages, Interest Only Mortgages, Jumbo Mortgages, Balloon Mortgages Loans, Home mortgages, First time Homebuyers Programs and Debt Consolidation mortgages
Tricont Mortgage specializes in mortgage lending products ranging from Conventional Mortgages, Residential Mortgage Loans, Fort Mill SC Mortgages, Home Equities Mortgages, Commercial Loans, Debt Consolidations, SC Mortgages, Fixed and Adjustable Rates Mortgages, My Community 100 & 97, Etc
Tricont Mortgage is a one stop refinance, purchase, home equity, commercial, Government and debts consolidation mortgage provider with a relationship with many, many lenders nationwide that enable us to three times the savings of our refinancing, purchasing, home equity or debts consolidation customers with the lowest fees and rates every time
What make Tricont different from other mortgage loans lenders in the country?
At Tricont, we have a “9 Popular Reasons people Tricont Their Mortgage Loans” every time. Click www.tricontmortgage.com to see for yourself, take advantage and “Three Times Your Savings” (3xYs) at our “Low Rates Warehouse”. You may also email or call me @ aomoregbee@tricontmortgage.com / (803) 317-2500
