The HARP Deal 2.0 - I have been asked this question several times in the last week: I bought my home as my primary residence, but now I rent it out. Can I still qualify for the HARP Deal 2.0?

Assuming you meet all of the other criteria (click HERE to read the main guts of the HARP Deal 2.0), occupancy does not affect eligibility.

As mentioned in a previous post, The HARP Deal, Eligible Occupancy and Property Type, the home can be a:

• Primary Residence
• Second Home
• Investment Property

Will an Investment Property loan under the HARP Deal 2.0 cost a little more? Yep. But if you are currently stuck at 5%, 5.5%, 6% or more, dropping down into the 4's is probably going to help with cash flow. Or, refinance the HARP Deal 2.0 to a shorter term and lower the rate even more.

California property owners interested in the HARP Deal, contact Kevin Kueneke with AmeriFirst Financial today by calling (760) 500-1919 or inquire online at: www.kevink.amerifirst.us

Just wanted to pass this interesting information along to the AR community.

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Global Prefabricated Housing Markets to Increase to 829,000 Units by 2017 Email / Share Back One By Joel Scanlon In a report titled “Prefabricated Housing: A Global Strategic Business Report” released by research firm Global Industry Analysts, it has been established that the global market for prefabricated housing is likely to reach 829,000 units by the year 2017. The market for prefabricated homes has grown gradually over the years from trailers to mobile homes and now to factory built homes. The manufactured homes segment accounted for 10% of the total housing market in the US. Particularly in the year 2011, shipments for manufactured homes increase substantially as compared to previous years. Prefabricated homes gain more preference and advantage over normal homes particularly for consumers such as young people, newly married couples and senior citizens who do not have many options regarding housing. With the concept of housing communities developing, the market for larger homes which are expensive to maintain is also declining. Despite all these positive prospects, obtaining retail finance for prefabricated houses is becoming difficult. Particularly after the recession, where the housing industry is still experiencing a slump, customers who have flawless credit records also are finding it difficult to obtain retail finance. Banks exercise extra precaution in lending finance for prefabricated homes as compared to regular homes. Building green modular homes is also gaining importance as all federal governments are focussing more on providing green homes with lesser carbon footprints. According to the report the US and Europe are the two largest markets for prefabricated houses with other developing countries such as China, India, Korea and Taiwan contributing to a total annual compounded growth rate of 4.4% by 2017. Major companies covered in the report are Cavco Industries, Clayton Homes, Skyline Homes, Fairmont Homes, Asahi Kasei Homes and Champion Enterprises. Source: http://www.strategyr.com

Encinitas Homes for Sale - What Happened in the Encinitas Real Estate Market in February 2012?

As a buyer or seller in the Encinitas real estate market, you need to understand the market conditions so you can make a more informed decision about what to do with regard to buying or selling your Encinitas home.

Here’s what happened in the Encinitas real estate market for February 2012 based on statistics from the MLS (private sales are not included nor are manufactured, mobile or multi-family homes). These data are deemed reliable but are not guaranteed due to how data may be entered into the MLS system.

READ MORE: Encinitas – An Eclectic Seaside Community

Leucadia- Surfers' Beach Community in Encinitas CA

In February 2012, 34 homes sold in the Encinitas real estate market, 17% more than in January. Here’s the breakdown of overall activity.

	TOTAL HOMES	Detached	Attached
Number	34 (up 17%)	20 (no change)	14 (up 56%)
Days on Market	98	67	141
Average Sales Price	$658,617 (down 26%)	827,530 (down 28%)	$417,616 (up 26%)
Average Sale $/List $	97%	97%	97%

Home sales in February remained the same for detached homes but there were significantly more attached home sale than in January. Average sales prices increased for attached homes but declined for detached. Buyers in the Encinitas real estate market can expect, on average, to negotiate about 3% off the asking price based on recent sales, but with some homes oaccsionally selling for more than asking price (short sales and REOs).

There were 43 homes with a Contingent status at the end of February (i.e., short sale and foreclosure homes having offers that are being considered by the lenders), about the same as last month. These homes are considered Active and are included in the overall statistics.

For February 2011 the Encinitas real estate market saw a 1% increase in inventory, after 3 months of inventory decline.

This represents an inventory of 4.6 months for attached homes, up from 4.2 months in January, and 5.8 months for detached homes at the current rate of sales, up from 5.2 months in January (over a 6-month sales period). The Encinitas real estate market remains competitive for buyers.

READ MORE: How Important is Inventory when Buying or Selling? Very!!

64 Encinitas homes came on the market in February as compared to 70 last month; in contrast we saw an increase in the number of homes going pending in February (excluding homes that actually sold in February), from 44 to 47 (up 7%).

These data are based on information provided by the MLS for homes that went under contract in the last couple of months. More details about the Encinitas real estate market can be provided with regard to current activity as well as within specific areas such as Encinitas Ranch, Leucadia and Olivenhain.

Watching the trends over time, as opposed to focusing on the data for one particular month, are more revealing and informative, and will provide a better sense of what is happening in the Encinitas real estate market. If I can provide more specific information or answer any questions, please let me know.

Search for Encinitas Homes for Sale

Search for Waterfront Homes for Sale in Encinitas

Search for Townhomes for Sale in Encinitas

READ MORE:

Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in January 2012?

Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in December 2011?

Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in November 2011?

Encinitas Homes for Sale | Encinitas Real Estate Market Report for October 2011

Encinitas Homes for Sale | Encinitas Real Estate Market Report for September 2011

Encinitas Homes for Sale | Encinitas Real Estate Market Report for August 2011

One of the main requirements of the HARP Deal 2.0 is that the loan must have been closed and delivered to Fannie Mae (FNMA) or Freddie Mac (FHMLC) prior to June 1, 2009. There are no exceptions to this requirement to qualify for the Fannie DU Refi Plus or the Freddie LP Open Access. As stated in a previous post, The HARP Deal, Does Your Loan Qualify?, not only does your loan need to be owned by Fannie or Freddie, but:

• the loan must not be in default (additional credit requirements apply)
• the loan can not be a Government loan (FHA, VA, USDA, etc.)
• the loan can not be a Reverse Mortgage
• the loan must be a 1st lien

If your loan does not meet the above criteria, then unfortunately you do not get to "pass go" for the HARP Deal 2.0. However, if none of the above apply to your loan, the next step is to check the Fannie and Freddie "look up" sites:

• Fannie Mae - http://www.fanniemae.com/loanlookup/
• Freddie Mac - https://ww3.freddiemac.com/corporate/

***Great news regarding loans that have been modified since 6/1/2009. A loan modification does not automatically disqualify you for the HARP Deal 2.0.*** California property owners, questions regarding the HARP Deal 2.0? Contact Kevin Kueneke Mortgage Loan Officer with Amerifirst Financial by calling (760) 500-1919 or go online to: www.kevink.amerifirst.us

We have all heard the rumors over the last few months that the Federal Housing Administration (FHA) planned to increase their mortgage insurance premiums, but no one really knew when.

In yesterday's press release FHA Takes Additional Steps To Bolster Capital Reserves, acting FHA Commissioner Carol Galante announced a new premium structure for FHA-insured single family mortgage loans.

The Upfront Mortgage Insurance Premium (UFMIP), typically financed, will increase from 1.0% of the base loan amount to 1.75% of the base loan amount. On a $300,000 purchase price, this increase will affect a borrower's monthly payment by about $10 per month at today's interest rates.

FHA will also be increasing the Annual Mortgage Insurance Premium (MIP) which is paid monthly by 0.10% for all FHA insured loans with FHA case numbers assigned on or after April 1, 2012. There will be an additional 0.25% increase (a total of 0.35% over current levels) for loans greater than $625,500 with FHA case numbers assigned on or after June 1, 2012.

Assuming that interest rates stay at similar levels, how will the MIP increase affect a borrower's payment? Here are a couple examples:

• Purchase price $200,000 with new UFMIP and MIP - increase of $23 per month
• Purchase price $300,000 with new UFMIP and MIP - increase of $34 per month
• Purchase price $400,000 with new UFMIP and MIP - increase of $46 per month
• Purchase price $500,000 with new UFMIP and MIP - increase of $57 per month
• Purchase price $600,000 with new UFMIP and MIP - increase of $69 per month

For High Cost Areas like San Diego County where FHA insured mortgages are allowed up $697,500 ($729,750 in other parts of CA), the additional increase after June 1st will have the following effects:

• Base loan amount $625,500 (purchase price of about $648,186 with 3.5% down payment) with new UFMIP and MIP - increase of $204 per month
• Base loan amount $697,500 (purchase price of about $722,797 with 3.5% down payment) with new UFMIP and MIP - increase of $228 per month
• Base loan amount $729,750 (purchase price of about $756,217 with 3.5% down payment) with new UFMIP and MIP - increase of $239 per month

According the FHA's Carol Galante, "the mortgage insurance premium changes will enable FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual mortgage Insurance (MMI) Fund, contributing more than $1 billion to the Fund, based on current volume projections through Fiscal Year 2013."

IMPORTANT REMINDER: These changes are for properties with FHA Case numbers assigned on or after April 1st (and June 1st for larger loans). The changes do not affect loans with FHA Case numbers assigned prior to April 1st, 2012.

Have questions regarding the FHA Mortgage Insurance Increase? Contact Kevin Kueneke, San Diego FHA Mortgage Loan Officer with AmeriFirst Financial, by calling (760) 500-1919 or click here to email.