HARP 2.0...RATED R for REFINANCE and the 3+2 rule and MY NEW PHONE NUMBER!

Harp 2.0 was announced earlier this week.  What is it?  HARP stands for "Home Affordable Refinance Program" and was aimed at people holding conventional mortgages to help them refinance.  It was actually a version "2.0" of the George Bush plan aimed at helping underwater mortgagors in the U.S.  The Bush plan was rated "R" for "RESTRICTED" and only actually helped a handful of people.

The HARP program helped more home owners but there were still some pretty good roadblocks such as those self-employed individuals who were making payments but showing a decline in year over year income or those whose homes were too far underwater.  The Obama Program was GETTING THERE but not quite.  We have personally helped out MANY home owners through the HARP program though there were also too many that we had to turn away.  Read more on "HARP Roadblocks" <here>

The NEW HARP program has yet to be finalized but changes are said to include:

Removing the current 125 percent loan-to-value ceiling on refinanced mortgages;

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.

Rates Popped up today with the FNMA 3.5% coupon ending the day DOWN 72 bps at 100.47.  Looks like investors like the "plan" that the Europeans have put together to save their bacon over there.  The money that left the bond market seemed to go to stocks.

The 3+2 Rule is a way to Prioritize your life each day.  Watered down version: Pick the THREE most important things to get to and then 2 more bonus items.  For the full version: <click>

Finally: 

After almost 6 years of living in Bozeman, I am finally getting a personal BOZEMAN cell number.  Please update your phone and forgive me if you get this notice more than once: (406) 219-7873 or (406) 219 - S-u-r-e

Cheers!

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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana

NMLS# 583046

fax: 406 522 0929
Personal Cell: 406 219-7873
Personal Email: metchad@gmail.com