Fannie Mae Refi Plus Program

by Irene Moustakas | May 4, 2009 | Loan Programs and Products, Rates

The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance. I locked a client in on this program...

Fannie Mae Refi Plus Program (Making Home Affordable): It’s Here!

by Irene Moustakas | Apr 7, 2009 | Industry News, Loan Programs and Products, Tips

Lenders are slowly starting to roll out the Making Home Affordable program, which will allow some homeowners to refinance their mortgages up to 105% of their home’s value. The background of this program can be found here. First things first: You need to see if...

Explaining the Conforming Loan Limit Changes

by Irene Moustakas | Mar 28, 2009 | Industry News, Loan Programs and Products

The government keeps re-establishing new conforming loan limit changes, which I understand has gotten confusing!  When we take into account how long it takes for all the different entities to determine their part to the solution, it can take a while for the changes to...

Big Changes to Mortgage Insurance Rules!

by Irene Moustakas | Mar 26, 2009 | 1st Time Homebuyers, Industry News, Loan Programs and Products

Mortgage Insurance is required when you have less than 20% down. It serves to protect the lender in case you default on your mortgage (because by putting less than 20% down, you are deemed a more risky borrower). If you’re in this down payment bracket of less...

Interest Rate Update: the 5/1 LIBOR ARM

by Irene Moustakas | Mar 10, 2009 | Loan Programs and Products, Rates

I’ve mentioned in previous posts that interest rates on 30 Year Fixed mortgages have been better and more competitive than any other loan products, namely Adjustable Rate Mortgages (ARMs). This has been the trend for the past 6 months or so. It is...

Obama’s Making Home Affordable Plan: The Most Recent Details

by Irene Moustakas | Mar 5, 2009 | General Market News, Industry News, Loan Programs and Products

There are two sub-plans to The Homeowner Affordability and Stability Plan. The first provides homeowners who lack sufficient equity the ability to refinance their loans. The second helps homeowners who have fallen behind on their mortgage payments the ability to...