[rolling money pits]

For those on the fence, either locking in an active purchase transaction or thinking about refinancing, now may be the time to take action.

The government regs approved are now taking effect with respect to pricing on Fannie/Freddie loans. Very broad brush stroke here, the "pricing" is going to "worsen" as a means to keep both agencies "solvent".

What that will do is increase the rate by .125, .25, .375 compared to what it would have been prior. For example, you're sitting on a quote of 4%, purchase, getting $1K in closing cost help from the lender. The worsening will mean you not get any help at that rate, and would need to go to 4.125 or 4.25% in order to get that $1K in closing cost help.

FHA and Veterans Administration loans are not affected by this, as they have previously done similar things - e.g. FHA and the increase of the monthly MIP attached to them.

Any questions, please let me know, I'm happy to help.

[mzbk2l]

Thanks, RMP.

I'm looking at making an offer this week on a house using a conventional loan, as the seller does not want to mess with FHA or VA (although I qualify for all of the above).

Will I fall into that category?

[rolling money pits]

Originally Posted by mzbk2l

Thanks, RMP.

I'm looking at making an offer this week on a house using a conventional loan, as the seller does not want to mess with FHA or VA (although I qualify for all of the above).

Will I fall into that category?

yes. the only other "mainstream" loan program ( i assume you're not going into jumbo money territory ) not affected is the USDA rural development ( and it's state level brethren ) loan.

curious as to why the seller doesnt want to mess with FHA or VA?

if youre VA eligible, that would be the ideal program if youre putting down less than 80%, as it has no mortgage insurance.

[salem1912]

Just had settlement yesterday 3.6%

[Half-Inch Stud]

STILL unable to REFI as the Requirement still stands for an Appraisal based on 3-month-sold Comparables. All cookie-cut colonials on postage stamps for 100k lower than my rancher on 1.7Acres.

So much for "HARP", as it has not happened. Or,.. has HARP happened yet?

[26667]

I re-did mine in October at 3.25% fixed.

[68gtoMN]

The issue for refinancing really comes down to comparables and your location. If you have had some foreclosures in the immediate area and/or if your area has taken a large "adjustment" recently, you might be out of luck (i.e. too far under water). What pains me is that I work very hard and pay my mortgage (including extra payments to pay down faster) and I have NEVER missed a payment on anything. Therefore, I must continue to pay. Should I have missed payments and/or should I not be working, the scales are tipped in my favor then and I will more easily qualify for "assistance" - mortgage refinance, mortgage modification, etc.

Upside down world....

[GT182]

Originally Posted by salem1912

Just had settlement yesterday 3.6%

Is that a Fixed rate loan?

[salem1912]

Yes 3.6% fixed.

[mzbk2l]

Originally Posted by rolling money pits

curious as to why the seller doesnt want to mess with FHA or VA?

Guess he didn't need to... he bought it as a foreclosure in Aug for 145 and put it on the market last week for 225. Realtor said he received multiple offers and it's already under contract for more than he asked. I hope the bidding wars aren't starting again in AZ; most of the ones I like are moving faster than I can do anything from over here.

[J.C.you]

finalizing on a cash out 3.25% fixed rate today.