Great opportunity to refinance if you have a Fannie or Freddie loan...

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down.  The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.  Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013.  New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:

• Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac.  To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx.
• Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
• Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).
• Current loan-to-value (LTV) ratio must be more than 80%.
• Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.

More information is available from FHFA at http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf.

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Beautiful Mountain Views!!! 3 bed 2 Bath Home in South La Quinta $164,900

Views, Views Views!!! STANDARD SALE, 12 hour turnaround to all offers. This 3 bed, 2 full bath, 1360sqft home is located within walking distance of hiking trails, grocery stores, elementary school, Old Town La Quinta, community pool and tennis. Home has been completely remodeled and features beautiful tile new flooring, new granite counters, new interior & exterior paint, new ceiling fans, new front & back yard desert landscaping (with smart timer installed by CVWD), new door hardware, new stainless steel appliances and more!!! Enjoy completely enclosed back yard with private patio. Take advantage of low utility bill's in Imperial Irrigation District and being connected to natural gas... and best of all, NO HOA DUES!!!

CLICK HERE to see more pics.

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What's Triggering Your Home Loan or Refiance Rejection?

Last year, more than two million people were turned down for homes, according to federal data, often because the applicants didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic.  With lenders’ underwriting criteria becoming more rigorous in recent years, it’s important buyers know the most common triggers for mortgage-loan rejection.

Making sense of the story

• Insufficient income: Lenders want to be sure borrowers can afford to make the mortgage payments.  Lenders typically look for at least a two-year track record of income, which could hurt those who have changed jobs recently.
• Cloudy financial picture: Generally, total debt payments, including the mortgage, cannot exceed 45 to 50 percent of a borrower’s adjusted gross monthly income.  Overtime and bonuses are included only if the borrower has worked for the same employer at least two years, and has a history of receiving them.
• Poor credit: Lenders typically reject applicants with FICO scores below 620.
• Low appraisal: One of the predominant reasons buyers are turned down for home loans is because the appraisal on the property is too low.  A buyer may think he or she is purchasing a house worth $800,000, but if the appraisal comes in less than that, the lender will not loan the borrower the money.
• Property problems: Sometimes issues turn up within a house, like a major repair or safety issue that needs to be addressed, before an application can be approved.
• Information mix-ups: Approximately 12 percent of new mortgage applications were denied because of unverifiable information or incomplete credit applications, according to the Federal Financial Institutions Examination Council.

Back on the Market!!! 4 bedroom w/ large back yard in North La Quinta

Standard Sale!!! 12 hour turnaround to all offers. This 3 bed plus den/office, 2 full bath, 1651 square foot home is located within walking distance of Adams Park, La Quinta High School, grocery stores & shopping. Home has been completely remodeled and features beautiful granite counter tops, new dark laminate wood flooring, new paint, new baseboards, new carpet in all bedrooms, new hardware, new stainless steel appliances, refurbished cabinets, vaulted ceiling, walk in master closet and more!!! Take advantage of low utilities bill's in Imperial Irrigation District... and best of all, NO HOA DUES!!!


CLICK HERE for more pics.


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Determining a home’s value

Declining property values are preventing some homeowners from taking advantage of today’s historically low interest rates and refinancing.
Making sense of the story

• Many homeowners nationwide have either no equity or are in a negative equity position in their homes.  This leaves them with two options for refinancing, paying extra at the closing or what’s known as a cash-in mortgage.
• Those considering refinancing will need to determine the current valuation, comparing it with the mortgage balance.  If the balance is at least 15 to 20 percent higher than what is owed, a refinance without a second down payment is possible.
• To obtain a good valuation, some homeowners hire an appraiser, at a cost of $300 to $600, or more on a large or expensive property.  While this may be informative, most lenders require an official appraisal anyway, and that will have to be conducted by someone on the lender’s approved list.
• Another, less costly, option a homeowner can use prior to approaching a lender, is to check the comparable sales in the neighborhood and see which homes and for what amounts homes have sold in the last three to six months.
• Homeowners also can go to the county assessor’s office and look up specific homes that have sold recently in the neighborhood.
• When looking at comps, homeowners should consider homes with similar amenities and square footage as the property in question.
• Just before the home is scheduled for its official appraisal, homeowners should spend a few hours touching up and making sure it looks well maintained.  Hiring a cleaning crew, repairing any broken windows, and providing documentation on upgrades also can help the appraiser.

Read the full story

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Beautiful Pool Home in North La Quinta, Perfect for Entertaining. List price $299,000

Standard Sale!!! 12 hour turnaround to all offers. This 3 bed, 2 full bath, 1700sqft home features an amazing back yard with beautiful pebble tec pool, spa and waterfall... Perfect for entertaining!!! Located within walking distance of Amelia Earheart Elementary, La Quinta High School, grocery stores and shopping. Home has been completely remodeled and features beautiful tile flooring throughout, granite counters, resurfaced pebble tec pool, new interior & exterior paint, resurfaced driveway and patio, new front & back yard desert landscaping with a dozen palms trees and lighting, new door hardware, new stainless steel appliances and more!!! Enjoy completely enclosed back yard with private patio. Take advantage of low utility bill's in Imperial Irrigation District and being connected to natural gas... and best of all, NO HOA DUES!!!

CLICK HERE to see all the photos.

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