Gallegos Mortgage Team

I have a investor that will allow us to Refinance without appraisal.

Home Affordable Refinance Program, More commonly called HARP 2.0, the Home Affordable Refinance Program is meant to give "underwater homeowners" opportunity to refinance. With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Arizona and nationwide who stand to benefit from the program overhaul. To qualify for the re-released HARP program, you must meet basic criteria :

1. Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
2. Your home must be a 1- to 4-unit property
3. Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
4. NO appraisal required

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners' participation in the program  are no longer restricted by their home's appraised value. In fact, the new HARP doesn't even require an appraisal, in most instances. With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty. According to the government's press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of March 15, 2012. If you think you may be eligible, first confirm that eitherFannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

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

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible. The FHFA's official press release contains an FAQ section. In it, you'll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance. The HARP program is meant to help a wide group of homeowners, but each applicant's situation is unique. For specific HARP questions, be sure to talk with a loan officer.

Beginning April 1, 2012, the FHA is once again raising mortgage insurance premiums (MIP) on its newly-insured borrowers throughout Arizona and the country. It's the FHA's fourth such increase in the last two years. Beginning April 1, 2012, upfront mortgage insurance premiums will be higher by 75 basis points, or 0.75%; and annual mortgage insurance premiums will be higher by 10 basis points per year, or 0.10%. For borrowers with a loan size of $200,000, the new MIP will add $1,500 in one-time loan costs, plus an on-going, annual $200 increase in total mortgage insurance premiums paid. All new FHA loans are subject to the increase -- purchases and refinances. The FHA is increasing its mortgage insurance premiums because, as an entity, the FHA is insuring a much larger percentage of the U.S. mortgage market than ever before. In 2006, the FHA insured 2 percent of all purchase-money mortgages. In 2011, that figure jumped to 18 percent. Unfortunately, as the FHA has insured more loans, it's number of loans in default have climbed, too, forcing the FHA to boost its reserves. Beginning April 1, 2012, the new FHA annual mortgage insurance premium schedule is as follows :

• 15-year loan term, loan-to-value > 90% : 0.60% MIP per year
• 15-year loan term, loan-to-value <= 90% : 0.35% MIP per year
• 30-year loan term, loan-to-value > 95% : 1.25% MIP per year
• 30-year loan term, loan-to-value <= 95% : 1.20% MIP per year

In order to calculate what your FHA annual mortgage insurance premium would be on a monthly basis, multiply your beginning loan size by your insurance premium in the chart above, then divide by 12. In addition, for loans over $625,500, beginning June 1, 2012, there is an additional 25 basis point increase to annual MIP. To avoid paying the new FHA mortgage insurance premiums, start your FHA mortgage application today. Existing FHA-insured homeowners will not be affected by the change. Mortgage insurance premiums will not rise for loans already made.

Are you READY to buy Home again After Foreclosure!

Have you lost your home to foreclosure in Arizona? Well, I've been working with peolpe that have lost their home in Arizona to Foreclosure and finding that the lenders are not reporting correctly on their credit. You as the consumer need to make sure the lender reported correctly. Here is example of that we have seen - Had a client that lost their home in 2007 to Foreclosure in Arizona, The same lender had a first and second mortgage on the property. The lender reported correctly on the first mortgage showing it was foreclosed in 2007. The same lender continued to report a 120 day late on the second mortgage for next four years. The client called the lender to have them correct the error, The lender stated they had the right to continue to report and collect the loan(They had no right). We were able to help the client write a letter to the lender, once the lender received the letter they removed all the late payments and correctly showed on their credit with a 2007 foreclosure in Arizona on the second mortgage. So the first thing you need to do is check your credit by a Mortgage Professional, If you lost your home to Foreclosure in Arizona I can review and make sure it is reported correctly.

Next big question? How long do you have to wait after you lost your home to Foreclosure in Arizona. You will have to wait 3 years from the date they foreclosed on your property. Again we have found lenders that report late payments until October 2009. After some research for the client we found that the property was Foreclosed in May 2009. Just looking at the credit report the client would have to wait until November 2012 to buy again. I was able to found the correct document and now the client can buy a home in June 2012. If you lost your home to foreclosure in Arizona. Please call me 602-692-9933 or fill out Application.

When it comes to housing data, sometimes you have to look past the headlines. December's Housing Starts data offers a terrific illustration of why.

Each month, the Census Bureau tallies Housing Starts for the month prior. A "housing start" is a home on which construction has started.

The Housing Starts report is separated by property type. There is a count for single-family homes; a count for 2-4 unit homes; and a count for buildings of 5 units or more, a category including apartments and condominiums.

In December, as reported by the government, Housing Starts fell 4 percent nationwide overall. This runs contrary to recent strength in housing and the story was quickly picked up by the press :

• U.S. Housing Starts Fall More Than Forecast (BusinessWeek)
• U.S. Housing Starts Fall (MarketWatch)
• December Housing Starts Are Worse Than Expected (Fox Business)

Now, although these headlines are factually true, they're also are a little bit misleading.

Housing Starts did fall 4 percent last month but that was for all Housing Starts, across all three property types. Data like this is somewhat irrelevant to home buyers in Arizona or anywhere else nationwide.

Few buyers purchase 2-4 unit homes, and almost nobody purchases an entire apartment building. Rather, it's the Housing Starts reports' "single-family" tally that matters because that's the home type that the majority of home buyers purchase in Phoenix.

In December, for the fourth straight month, Single-Family Housing Starts increased.

Single-family housing starts climbed 4 percent last month to 470,000 units on a seasonally-adjusted, annualized basis. This is the highest number of Single-Family Housing Starts since April 2010 -- the last month of last year's home buyer tax credit.

The Single-Family Housing Starts data is the latest in a series of data that point to a housing rebound nationwide. New Home Sales, Existing Home Sales, Pending Home Sales and Homebuilder Confidence has each posted multi-month highs and all are poised for strong gains into 2012.

If you're planning to buy a home in 2012, consider buying in between now and March rather than at some point later. Home prices -- and mortgage rates- are likely to move higher.

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http://www.msnbc.msn.com/id/32545640

Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there's concrete cause for optimism.

The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down.

Mortgage rates are down, too, and that's good news for buyers in Arizona. The combination of low rates and low prices has led home affordability to an all-time high. As you'll hear in this 4-minute interview with NBC's The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.

Some other notes from the interview include :

• There are more buyers out looking for homes today, which leads to more sales
• The housing market is expected to get gradually better, month-by-month, in 2012
• Foreclosures will continue to be a big part of the housing market

With housing supplies shrinking, buyers throughout Arizona may find their best "deals" today -- before the Spring Buying Season begins in February.

However, we can't forget that housing markets are local -- not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.

For accurate, up-to-date data on the housing market, talk with a local real estate agent.

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