Like I Said... "VA Loans ROCK!"

Towards the end of last summer I noted "VA Loans ROCK!" and while I have been digging into the whole "Making Home Affordable" thing I was reminded they still do...

Purchase Loans:

• No down payment may be required! *Depending on loan limits and entitlement 
• Up to 4% of closing costs can be paid with seller concessions.
• Funding fee from 1.25% (regular military with 10% down) to 3.3% for subsequent use.

VA Streamline or IRRRL (Interest Rate Reduction Refinance): VA to VA

• Funding fee of only .5%
• No credit report, appraisal, nor income verification is required.
• The loan to value never comes into play.
• Notes: The new loan amount must be less than the original plus "allowable" closing costs. There is an exception to this if your loan is delinquent so that late charges and/or legal fees can be included. Your payment is only allowed to increase if you are refinancing out of an ARM.

VA Cash-Out: Regardless if you are taking cash out or not, go figure.

• Funding fee of 2.15%, 2.4% for Reserves/National Guard, or 3.3% for subsequent use.
• Loan to value up to 100% allowed through 9/30/12, will reset back to 90% afterwards.

Other perks:

• Never any MI (mortgage insurance).
• Loan amounts up to $417,000, higher limits available in certain counties around the states.
• Flexible underwriting, we will leave it at that, too many what ifs, ands, or buts.
• All VA loans may be assumed by another qualified veteran with only a .5% funding fee.
• Veterans with a service connected disability of 10% or more the funding fee is waived.
• Jumbo, Construction, and Manufactured Home Loans are also available, other restrictions apply.

If you have already benefited from a VA Loan but are experiencing a hardship the "Home Affordable Modification" also includes VA loans. To learn more explore this link then contact your lender.

New Options Available for Homeowners

The details of the "Making Home Affordable" initiative were announced today from the Obama Administration that allows FannieMae and FreddieMac the ability to help homeowners that have been stuck in a stalemate with the current housing market. To be eligible for either the Home Affordable Refinance or the Home Affordable Modification your loans must currently be held by either agency and must be your primary residence. Each of the agency websites have different information and resources so I have linked them above but for the golden nuggets on eligibility click here. The refinance requires that you have not missed payments in the last 12 months, allows up to 105% loan to value, and is in effect through June 2010. The modification is available to those whose loans were originated prior to January 1 2009, that are currently in a hardship or have adjusting payments that will increase expenses, and whose loan amount is less than $729,750. FreddieMac has announced that all loans currently in foreclosure that qualify for the refinance or modification are suspended so that homeowners can seek this help. FannieMae servicers are directed not to proceed with pending foreclosures until the borrower has been evaluated for either program. This looks to be very tangible for all lenders but hang in there we all have a sharp learning curve. I still am trying to understand how the Mortgage Insurance will fall into place and also the protocol when a second mortgage is involved. I know of a few clients I will now be able to help that previously had been SOL. I want to stress NEVER pay for foreclosure counseling services, this is provided free with HUD approved counselors. Modifications can be done direct with your loan servicer as lenders now have an incentive program in place to help you.

Disclaimer: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.  

If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

www.freddiemac.com/mymortgage or 

http://www.fanniemae.com/loanlookup/

HGTV's My First Place Casting in Portland

First time homebuyers listen up! HGTV producers are spreading the word that they are looking for buyers to be featured on their show My First Place. Go to HGTV's website for more info about the show or contact the show producers directly here. Happy to have found a more positive topic over the 299 dive the Dow took today... UGLY!

Fresh Online Money Management... WHAT!?

In looking to find a few ways to save some money in the ol' budget I came across a website that has already changed my life... No not Facebook! Although my husband might argue that ;) Mint.com All of your accounts in one place. Easy! Cool! Fresh! Just sign up and start adding your accounts. Whether it is a retirement, savings, checking, mortgage, auto loan, or credit card account. It updates your information, imports your transactions, and categorizes your spending. I have one account that is giving me a little grief but I am certain I can get it sorted out. You will spend a little time editing a couple merchants I am sure, but they do recognize Starbucks and even have "Coffee Shop" as a preset category. You can also compare your spending against your local and national averages. I can't wait to get more depth in my own spending to see how I stack up. All in all I love it and being that I have spent the last 15 years counseling others regarding their financial well being I can finally feel confident I can get past dreading the managing of my own.

*I would also recommend using an extra beefy password and maybe even go as far as establishing a new email account unknown to anyone.