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Here is something that might be coming down the road pretty soon to help even more people that are underwater on their mortgage and still have paid on time. Extending and making a few changes to the HARP program, so if your mortgage is owned by Fannie Mae or Freddie Mac, you have a chance to get the lower rates of the current market even if you owe more then your home is worth. Here is an article CNBC is reporting from Reuters and a website link for more info on the HARP program.

Want to look up your own loan and see if it is a Fannie Mae or Freddie Mac owned loan, just visit THIS SITE.

Thats right, looks like if you pay your mortgage on time, you get a bonus according to the article I found down below. Read on and see what you think……..

Should Everyone Get Bonus For Paying Mortgage On Time?

Published: Monday, 11 Jul 2011 | 3:23 PM ET

By: Diana Olick
CNBC Real Estate Reporter

At what point is moral hazard trumped by corporate survival and the cold hard need to get people to pay their mortgages? The answer is: Now.

As home values continue to fall and more borrowers fall into a negative equity position on their home loans, those who stand to lose, banks and investors, are working to keep borrowers current.

To date, they have focused on delinquent borrowers, offering loan modifications and foreclosure alternatives, like short sales and deeds in lieu of foreclosure.

Last fall, New Jersey-based Loan Value Group launched a new business model, offering lenders and mortgage investors a way to keep their current, but underwater, borrowers current through cash incentives.

It’s called Responsible Homeowner Reward, and today, one of the nation’s largest mortgage insurers, PMI Mortgage Insurance, joined in.

Here’s how it works………..READ MORE.

Here is a good program, want all the details? Visit the link below for the information directly from FHA/HUD:

FHA Power Saver Program

Here are the bullet points:

Qualification for this program could change before the launch, but here are some general guidelines currently:

1. Minimum credit scores of at least 660

2. Total Debt-to-income ratios of no higher than 45 percent

3. Combined loan-to-value (including the PowerSaver loan) of no more than 100 percent

Sounds like a great program and hope people take advantage of this! Here are the lenders who will be offering it: Lenders for the FHA Power Saver program

Different types of mortgage calculators to calculate your affordability

You should use a home mortgage calculator before you get a loan to buy your house. The home loan that you will take will depend on the type of house you will be buying. Thus, you can first decide on the house you will buy. You will then come to know the cost of the house and then decide on the loan amount. However, before you can start shopping for the home loan you need to decide if you can afford to pay on the loan. A home mortgage calculator helps you to find out your affordability.

Types of mortgage calculators

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The new date for the FHA mortgage insurance is going up for any new case id numbers ordered past Oct 4th, 2010. The mortgagee letter has not come out yet but it was passed through congress (HR 5981) for this to take place.

This is the break down:

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As stated before about FHA mortgage costs going up in September, looks like HUD pushed back the increase in mortgage costs to October 4th. Still need to wait for the mortgagee letter to come out and make it official. Find out more at www.hud.gov.

Yes, the cost of an FHA mortgage is going up for any new case id numbers ordered past September 7th, 2010. The mortgagee letter has not come out yet but it was passed through congress (HR 5981) for this to take place. Here is the break down:

Old:

2.25% Upfront mortgage insurance premium

.55% Monthly payments

NEW:

1.00% Upfront mortgage insurance premiums

.85 to .90% monthly and HUD could raise to 1.55% max when needed.

Well, you might be thinking this is a good deal  because the UFMIP went down a lot and monthly barely went up…….well think again. Here is a video showing how this is just increasing the costs a lot more for homebuyers.

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Since Feb. 1st Condo’s and FHA have changed as people are starting to find out. More changes are happening for FHA with the costs for an FHA mortgage are going up after April 5th to find out about those details just check out FHA higher costs. With the previous post about the FHA condo changes  I touched on this breifly but wanted to summerize it for you. 

The good things with this change are that once you gather up all the information like you would have had to for a “spot approval” in the past, submit the info through a Direct Endorsed Lender, then they can work on getting the condo approved. Once the condo is approved for that one buyer going into the project……..THE WHOLE PROJECT IS APPROVED and everyone within the project should be thanking that one buyer and everyone involved who went through the process.

 Couple of key things you need to watch out for that would be red flags up front:

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Here comes more changes! We all have hopefully heard about the FHA Condo Changes that took place in February, but now the cost of an FHA mortgage is going up. It was only a matter of time this would happen because you have  major market share of people now only able to go under the FHA product since that is the only product with the lowest down payment available right now, unless you fit into THESE categories. Looks like April 5th, 2010 is going to be the date FHA (HUD) will make some changes and here is a summary of them.

1. Increase in upfront MIP from 1.75% to 2.25%

2. Reduction in maximum seller contributions from 6% down to 3%

3. Congressional request to increase monthly mortgage insurance premiums. For a 30 year fixed FHA those are currently .55% a month.

4. Minimum credit score of 580 in order to have only a 3.5% down payment. If below 580 then a 10% down payment is required. (of coarse most all banks are currently at 580 to 620 so this will not be a concern unless the markets credit score requirements go lower)

Want to read it for HUD’s website then keep on reading below. Hope this helps

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The count down to the government tax credits only gives 60 days left until a sales contract needs to be completed by April 30th.  Do you have a chance at part of this credit? Have you already bought a house and looking for this tax form from my previous blog? Well, lets take a look at some of the things you need to know that is happening right now in the real estate and mortgage market.

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