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Mortgage news and opinion for past, present and future clients.
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Jon Wagher
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Jon's Mortgage News All the mortgage news that's fit to post...

English - Mortgage, Real Estate, Personal Finance
http://jonsmortgagenews.com
Jon's Mortgage News · 5d ago

Refinance Bonanza!

Is this the best time in history to refinance? Maybe. There are several specialized programs out there that are designed to help people ditch their high rates and get into something a little lower. I didn’t think that just over one year ago when a client was signing on the dotted line with a 4.875%
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Jon's Mortgage News · 1W ago

HARP 2.woe

Less than 50% participation from the banks on the new HARP2.0 program. I’ve been able to close several refinances with the expanded guidelines, but it’s getting tougher and tougher. I just got word that one of our lenders has reduced the maximum LTV from 150% to 105% and they’ll no longer allow MI.
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Jon's Mortgage News · 1M ago

HARP 2.0 IS HERE

So far, things are going well. The changes are happening gradually, so things are getting progressively easier as we go. Many of the biggest lenders are still not participating, but there are still many banks that are. Here are some examples of some of the loans that I’ve been able to approve so far
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Jon's Mortgage News · 2M ago

Brutal Day Yesterday for MBS’s

Big losses yesterday and the day before wiped out market gains that have been relatively steady since the beginning of the year. Rates have taken quite a hit and moved up sharply. To give you some scope- to get the same rate today that you looked at on Monday, you could be paying up to [...]
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Jon's Mortgage News · 2M ago

FHA Changes Take Effect April 9th, 2012

The Federal Housing Administration just codified the changes that have been in the news. I’ve written about the changes regarding purchases/refinances and also FHA-to-FHA Streamline refinances in previous posts. Now that we know that the new rates are in effect for all loans begun on or after April
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Jon's Mortgage News · 2M ago

Obama’s Plan to Help FHA Refis

Obama spoke today in a press conference about his plans to help people who currently have FHA loans. His plans are good news for many. They are estimating that there are 2 to 3 million homeowners that could be affected. The main caveat is that your FHA loan had to be funded prior to June [...]
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Jon's Mortgage News · 2M ago

FHA Changes are Coming April 1st

Considering that 40% of all purchases were backed by the FHA in 2010, any changes could have a serious impact on the market. If you don’t know, the FHA (Federal Housing Administration) is a department of HUD (Housing and Urban Development). The purpose of FHA is to insure loans and help people have
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Jon's Mortgage News · 3M ago

Payroll Tax Cut Extension is Bad for Housing

I’m sincerely happy that congress is doing what they can to extend tax relief to working families who need it. That being said, I really wish they wouldn’t have mess with the housing industry. Haven’t we been through enough? In order to pay for the extension, the FHFA (Federal Housing Finance Agency
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Jon's Mortgage News · 4M ago

State of the Union Address – good for mortgages and housing?

I’m excited to find out. It sounded to me like Obama is looking to really improve the effectiveness of HARP and HAMP. If you don’t know, HARP is the “Home Affordable Refinance Program” and HAMP is the “Home Affordable Modification Program”. So far, both have been nearly a waist of time for consumers
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Jon's Mortgage News · 5M ago

Help for Underwater Home-Owners Delayed by Banks

November 15th the changes to the program that allows borrowers who are underwater to refinance (HARP) were announced. The changes have been making headlines for a while and we were all sitting on the edge of our chairs waiting to hear how the government was finally going to intervene to help struggl
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