5 Free Apps for the Holiday Season

More Updates to the Home Affordable Refinance Program (HARP)

The Federal Housing Finance Agency (FHFA) has updated the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loans. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites.

www.freddiemac.com/mymortgage

www.fanniemae.com/loanlookup/

Highlights to the changes are as follows:

·         The HARP program has been extended lenders are now able to originate various associated loans on or before Dec 31, 2013

·         Now no maximum loan to value ratio limits for mortgage loans secured by fixed rates loans with terms up to 30 years.

·         Reduced fees that a lender can charge

·         No add on to interest rate for negative LTV

·         Fannie Mae or Freddie Mac cannot ask lenders to buy back the loans if they go into default

For more details about this program go to:

http://fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

I am always available to answerer questions and help you get in touch with the appropriate contacts for this program or others

Serving Texas Veterans for Life

The Texas Veterans Land Board (VLB) has served veterans returning home from war since 1946. The VLB provides valuable assistance such as assisted living and below market interest rates on home loans for qualifying Texas Veterans and surviving unmarried spouses.

For additional information about VLB programs provided for our Texas Veterans go to: http://www.glo.texas.gov/vlb/index.html 

Feel free to contact me directly for help locating qualified lenders or assistance navigating through the VLB and other programs.

bret.wilson@remax.net

Sears stands by its military employees

It is always wonderful to hear about a company who is truly standing by its employees. I love stories of companies and people who are willing to offer a helping hand in times of difficulty. Check out what Sears is doing for its military employees.

       How does Sears treat its employees who are called up for military
        duty? By law, they are required to hold their  jobs open and
       available, but  nothing more. Usually, people take a big pay cut
        and lose benefits as a result of being called up  for active duty.

       Sears  is voluntarily paying the difference in salaries and
        maintaining all benefits, including  medical insurance and bonus
        programs, for all called up reservist employees  for up to two
        years.

It's verified! BySnopes.com at:

http://www.snopes.com/politics/military/sears.asp

Help with Higher Closing Cost

Some borrowers are choosing to accept higher interest rates rather than pay thousands of dollars in lender fees also known as closing cost. Depending on your purchasing goals; with interest rates still hovering around record lows paying higher rates to offset upfront cost may be worth exploring.

To read more about this subject follow the New York Times article link “Handling High Closing Cost”

Source: “Handling High Closing Costs,” The New York Times (Oct. 27, 2011)