home lenders refinance mortgage

Appraisals Waived on Refinances for Alameda HARP 2 Home Affordable Refinance Program Guidelines Mortgage Minute Alameda refinances mortgages appraisals; HARP gets “re stringed”. Great news! If you know me at all, you know I am optimistic, so…Great News…for a Couple People! The big news this week is HARP. THE Home Affordable Refinance Program has been “re stringed” HARP was designed to assist distressed borrowers who are current on their mortgages but “underwater” meaning they owe more than their home is worth. It’s no surprise several studies identified these borrowers as being likely to strategically default on or walk away from their homes and foreclose. While regulations won’t be finalized until November 15th the changes to “Harp 2″ include – •Removing the 125 percent loan-to-value. •Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees for others. •Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the GSEs •Eliminating certain representations and warranties required of lenders to obtain the GSE guarantee. This will protect lenders from many of the buy-back requirements they face under current guidelines •Extending availability of the program through the end of 2013 These changes may allow double the homw owners the opportunity to refinance but still will help only borrowers who are current on their payment and who have loans guaranteed by one of …
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