Tag Archives: freddie mac

Home loan limits lifted for first time since 2006

Federal borrowing limits were increased for the first time in more than a decade last week because of rising home prices across the nation. The Federal Housing Financing Agency had capped the baseline loan limit since 2006 as home prices dropped during the recession.

The new rates, used for conforming loans acquired by Fannie Mae or Freddie Mac, will take effect Jan. 1. In general, federally backed loans allow for smaller down payments and, theoretically, help more people enter the home market.

In San Diego County, loan limits for a typical single-family home will be $612,950, up 6 percent from where they are now. Those limits are higher than the national baseline of $424,100.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-mortgage-borrowing-20161130-story.html

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Fannie and Freddie extend refinance program

HARP program will continue through September 2017, FHFA says

Companies will launch a new refinance program in October 2017

Fannie Mae and Freddie Mac are extending one of the most successful federal programs enacted in response to the mortgage crisis into next year, even as the pool of borrowers who could benefit from it continues to shrink.

Borrowers can continue to use the Home Affordable Refinance Program, or HARP, though September next year, the Federal Housing Finance Agency, which regulates the mortgage-finance companies, said Thursday. HARP allows some borrowers to refinance to a lower rate even if the equity they have in their home is less than 20 percent, the typical cutoff for some refinances.

read more at: http://www.bloomberg.com/news/articles/2016-08-25/fannie-mae-freddie-mac-extend-crisis-era-refinance-program

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Check the Fine Print on FHA re-fis

WASHINGTON — The Obama administration’s new plan to stimulate refinancings of FHA mortgages is likely to help large numbers of homeowners cut their monthly costs — even those who are deeply underwater. But it’s also likely to be a disappointment to many borrowers who aren’t aware of the program’s fine print and end up missing an opportunity to switch into a loan with a rate below 4 percent.
To cut through the bureaucratic details, here’s a quick overview of the so-called “streamline re-fi” program and what it will take for you to qualify. First, the baseline criteria: Your current home loan must be FHA-insured and must have been put on the agency’s books no later than May 31, 2009. If you have a mortgage owned or backed by Fannie Mae, Freddie Mac, the Department of Veterans Affairs or private investors, you’re out.

The May 31, 2009, date is crucial. Your lender can tell you precisely when the FHA “endorsed” your loan for insurance. This is different from the dates you applied for your loan or closed on your house. If it turns out to be anytime later than May 31, 2009, you miss the cut.
You also need to have an unblemished record of on-time mortgage payments for the past 12 months. Maybe you were late occasionally a couple of years back.

That’s OK. But the immediate past 12 months need to be pristine.
On top of that, if your refinancing does not provide you a net savings of at least 5 percent in your monthly principal, interest and mortgage insurance payments, you won’t be eligible either. The program won’t take effect until June 11.

Read more here: http://www.miamiherald.com/2012/03/18/2697633/check-the-fine-print-on-fha-re.html#storylink=cpy

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