Santa Fe Las Campanas Mortgage Report

Within the next two weeks (Nov 15), we should have modified guidelines for HARP (Home Affordable Refinance Program). The thought process behind HARP 2.0 (modified HARP) is that borrowers who have LTV’s (loan-to-value’s) greater than 125% haven’t been able to refinance.  In many regions of the country, the LTV issue has been a true challenge (not allowing borrowers to refinance).  In order to shake $$ loose into the economy, HARP 2.0 is meant to give debt relief to borrowers in hopes that they spend their newly-found mortgage savings differential.It appears, at this time, that HARP 2.0 will allow borrowers to refinance – regardless of LTV.   BUT, the mortgage needs to be either Fannie Mae or Freddie-Mac owned.  Mortgage insurance (or lender-paid mortgage insurance), as well as second mortgages, can present some additional hoops in the process.  One more thing (at this time) is that the mortgage must have been transferred to Fannie Mae or Freddie Mac prior to 06-01-09; this date is being challenged prior to the rule going into effect (because many buyers AFTER 06-01-09 are experiencing the “upside down” factor, as well).  How do you know whether or not the mortgage is Fannie or Freddie owned?  Go to their individual sites:  For Fannie Mae:; and for Freddie Mac:   If the HARP program has been used for a previous refinance, HARP isn’t available for the same property. Borrowers do not need to go to their current lender for a HARP refinance.  HARP 2.0 (preliminarily) says that some lender fees may be waived.  For instance, an appraisal isn’t always required, because many lenders use AMV’s (Automated Market Values) to determine value.  CAVEAT:  Current HARP loan pricing incorporates appraisal value into pricing; an AVM (many times) may show a lower value than a physical appraisal would show.  Avoiding the appraisal fee could cost the borrower in interest rate.  Credit scores and income are still assessed, as well as other factors.  I apologize for the long email:  Too many factors here to be explored and absorbed, so call if you have more questions on these coming changes, our rates, programs and scenarios.  We want to be your trusted source for mortgage information.ANASAZI MORTGAGE RATESFOR Primary Residence (purchase only)As of 10/31/2011
Mortgages to $417,000 (Conforming)
 w/ 1 PointAPRw/ no PointAPR
Mortgages  $417,001 – $1,500,000 **
 w/ 1 PointAPRw/ no PointAPR
** 30-Yr from $417K to $600K @ 4.25% w/ 1.25% Point temporarily offered – APR – 4.380%
3/1 ARM – 30-YR
 w/ 1 PointAPRw/ no PointAPR
5/1 ARM – 30-YR
 w/ 1 PointAPRw/ no PointAPR

7/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming3.125%4.350%N/A —
Mortgages in excess of $1,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.