Shelli Dore’s Real Estate Blog

Posts Tagged ‘Freddie Mac

The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative led by the US Treasury Department assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu.

First introduced November 30, 2009 in Supplemental Directive 09-092 as part of the Home Affordable Modification Program (HAMP), HAFA assists eligible homeowners in quickly and effectively implementing short sales by providing financial incentives to lenders that work in conjunction with HAMP to assist homeowners in need.

The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed through massive foreclosures. HAFA in its current state is only applicable to conventional-type, non-Governmental Serviced Enterprises (non-GSE) mortgages and therefore does not apply to loans owned or guaranteed with Fannie Mae or Freddie Mac. These organizations may have plans to release their own versions of HAFA.

If you (or someone you know) are a homeowner looking for answers, or would like to determine if you qualify for HAFA, contact me at 303-942-0648. I can help.

Sources:
• 1Making Home Affordable “HAMP Supplemental Directive 09-09” (2009): https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

• 2HousingWire “Treasure to Announce New Program to Avoid Foreclosure” (2009): http://www.housingwire.com/2009/10/12/treasury-to-announce-new-program-to-avoid-foreclosure/

• 3HousingWire “Treasure to Announce New Program to Avoid Foreclosure” (2009): http://www.housingwire.com/2009/10/12/treasury-to-announce-new-program-to-avoid-foreclosure/

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Shelli Dore

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Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.

Rates averaged 4.62 percent last week, 4.66 percent the week of Nov. 9 and 4.77 percent the week of Nov. 2, Zillow reported.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

The average 30-year fixed nationwide rate was 4.57 percent Wednesday, Zillow said.

Separately, Freddie Mac calculated average 30-year fixed mortgage rates nationwide at 4.78 percent with an average 0.7 points for the week ending Wednesday, the lowest rate since April 30. Freddie Mac calculates average rates for a broader range of credit scores and down payments.

The average 30-year fixed rate was 4.83 percent last week. A year ago, it was 5.97 percent, Freddie Mac said.

Low rates and the homebuyer tax credits, continue to get much of the credit for a rebound in housing sales.

The Commerce Department Wednesday reported sales of new homes rose a better-than-expected 6.2 percent in October, although they slipped in the western states, including Colorado.

The National Association of Realtors says sales of existing homes surged 10.1 percent last month.

And a Metrolist Inc. report on Nov. 6 said that in the Denver metro area, home resales increased 2.9 percent in October from September, but were down 7.6 percent from October of last year.

Thursday, November 26, 2009
Denver Business Journal

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Shelli Dore

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Your friend in the real estate business,

Shelli Dore

Friend me on Facebook!
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

RISMEDIA, April 17, 2009-Fannie Mae and Freddie Mac modified nearly 24,000 loans during the fourth quarter of 2008, an increase of 76% over the third quarter. The modifications…

Continued

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

By Elizabeth Razzi | Washington Post

Normally, when borrowers flood lenders with calls asking about refinancing, that extra demand helps nudge interest rates up a bit, cooling the refinance rush. With lenders swamped with calls from borrowers hoping to get in on the government-backed no-equity refinance program launched last week, should you be concerned that rates will shoot up before you apply?

In a word, no. Rates on 30-year fixed mortgages should remain around 5 percent, where they’ve lingered for weeks, because the Federal Reserve is laboring hard to keep them there.

Orawin Velz, an economic forecaster with the Mortgage Bankers Association, pointed out that the Fed is committing $500 billion to the purchase of mortgage bonds from Fannie Mae and Freddie Mac. The idea is to keep demand for these securities up so interest rates stay low.

Fed action is not the only thing that affects interest rates–demand from foreign investors for these bonds is influential as well. But for the first half of this year, at least, the Fed’s overwhelming influence should be able to keep rates around that 5 percent mark. Just don’t try to hold out for rates to go to 4 percent. There’s no indication that anyone in government wants to drive them that low.

http://voices.washingtonpost.com/local-address/2009/03/refinance_opportunities_should.html

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Fannie Mae will loosen rules for homeowners seeking to lower their mortgage payments by refinancing. The District company, which accounts for more than 40 percent of the $12 trillion in U.S. residential mortgage debt, is seeking to break a "logjam" in refinancing and allow more homeowners to take advantage of near-record low interest rates, according to Brian Faith, a spokesman for Fannie Mae, which like its rival, Freddie Mac, is under government control. 

More:  http://www.washingtonpost.com/wp-dyn/content/article/2009/02/05/AR2009020503157.html

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The new economic stimulus package allocates $787 billion to boost our multi-trillion dollar economy. Here are some provisions individuals can take advantage of now.

1. Housing help. First time homebuyers can get up to an $8,000 tax credit if they close by November 30, 2009. This credit does NOT have to be paid back if you own the home three years. It phases out for single taxpayers making over $75,000 and for married couples filing jointly making over $150,000 (adjusted gross income).

Communities receive $2.0 billion to redevelop abandoned and foreclosed homes. 

In high-cost areas, the bill restores the $729,750 upper conforming loan limit for Fannie Mae, Freddie Mac and FHA loan guarantee programs.

2. Home improvement tax credits. For money spent to make homes more energy efficient, a 30% tax credit through 2010, up to $1,500.

3. Residential renewable energy tax credits. Dollar caps have been removed on the 30% residential credit for solar thermal, geothermal and small wind upgrades.

4. Income tax credit. This will be up to $400 for individuals earning up to $75,000 and up to $800 for married couples filing jointly with up to $150,000 in income.

5. Alternative Minimum Tax reduction. Exempts from the AMT up to $46,700 of an individual’s and $70,950 of a couple’s income in 2009.

6. Earned Income Tax Credit. For 2009 and 2010, goes from 40% to 45% of the first $12,570 earned by families with more than three children.

7. Higher education tax credits. For 2009 and 2010, a $2,500 per year tuition tax credit for all four years of college. It’s now 40% refundable and covers textbook costs. The credit phases out for individuals making $80,000–$90,000 and couples earning $160,000–$180,000.

8. Hybrid vehicle tax credit. Increased to $7,500 for purchasing a plug-in hybrid vehicle.

9. Help for car buyers. In 2009, anyone purchasing a new vehicle for up to $49,500 can deduct state, local and excise taxes, as well as car loan interest. This is an above-the-line deduction that can be taken even if you don’t itemize. It begins to phase out for single taxpayers making over $125,000 and couples over $250,000.

There are many more programs for individuals, businesses and states, as well as a future foreclosure relief program!

Now is a great time to buy!

Your friend in the Real Estate business,

Shelli Dore
Find me on Facebook!
Connect with me on LinkedIn!

…Remember!  The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first!  I can help make sure your friends, family members and work associates are very well taken care of.

Be sure to visit http://www.recovery.gov/ for all of the plan details!


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