Chik Quintans Seattle FHA Jumbo Mortgage Pre Approval,FHA 203k,VA,USDA,Homepath

President Obama is expected to reveal the enhance Refinance program known as HARP. However the details have already been officially released.

If you recall the program's initial goal was to help approximately 8 million homeowners. Unfortunately, the program feel drastically short of the goal to under 1 million. In my opinion the main issues that created this shortfall were the following:

1. 125% Loan To Value Restiction

2. Risk based pricing hits that added to rate and fee

Both these isssues have been addressed.

Here are the key bullet points right from the Federal Housing Finance Agency New HARP Guide :

The new program enhancements address several other key aspects of 'Enhanced" HARP including:

•  Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
•  Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
•  Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
•  Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
•  Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.
  
• Borrower Eligibility
•  The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET) https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 am to 8 pm ET)
•  The program will continue to be available for loans with LTVs above 80 percent.
•  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.
•  Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.
  Other Resources
  www.MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) www.KnowYourOptions.com or www.FannieMae.com/homeowners
  www.FreddieMac.com/avoidforeclosure

• Which borrowers may be eligible for an enhanced HARP?
• In general, borrowers must meet the following criteria:
•  The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
•  The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May
  31, 2009.
•  The mortgage cannot have been refinanced under HARP previously unless it is a
  Fannie Mae loan that was refinanced under HARP from March-May, 2009.
•  The current loan-to-value (LTV) ratio must be greater than 80%.
•  The borrower must be current on the mortgage at the time of the refinance, with no
  late payment in the past six months and no more than one late payment in the past 12 months.

Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt.

Conforming mortgage rates in Washington State and throughout the nation fell last week and now hover near the all-time lows set last November.

Adjustable-rate mortgages are especially low.

There were three big stories last week that will carry forward into this week.

First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was not expected.

Mortgage rates dipped on the news.

Second, Greece moved closer to avoiding insolvency. The nation-state’s parliament must now pass a package of spending cuts and tax increases to appease Eurozone leaders and the IMF. Without passage, though, bankruptcy may be unavoidable.

Worries about Greece’s fate sparked a bond market flight-to-quality. This, too, helped mortgage rates ease.

And, lastly, Thursday, the U.S. and other members of the International Energy Agency chose to release 60 million barrels of oil to the market over the next month. You’ve likely experienced the impact as the gas pump already — gas prices are way down nationwide.

Lower gas prices means fewer inflationary pressures and inflation is the enemy of

mortgage rates. Less inflation, lower mortgage rates.

This week, mortgage rates may reverse.

There isn’t much new data due for release — inflation data due Monday, housing data due Wednesday, and a series of confidence reports throughout the week — but there are 3 scheduled treasury auctions that could pull rates up or down.

• Monday : 2-Year Treasury Note auction
• Tuesday : 5-Year Treasury Note auction
• Wednesday : 7-Year Treasury Note auction

If demand is high at any/all of the auctions, mortgage rates should drop. If demand is weak, mortgage rates should rise.

Mortgage markets improved last week as Wall Street managed news on both sides of the economic coin. There were several instances of higher-than-expected inflation – an event that tends to lead rates higher — but weak domestic jobs data and a soft manufacturing report suppressed the damage.

Rates were also held low by ongoing issues in Greece.

In Greece, the government is currently struggling to meet its debt obligations — despite a restructuring of existing debt negotiated in 2010.

Without a plan for its new debt, though, Greece will likely to default on what it owes. Eurozone and international banking leaders have failed to reach consensus on the situation, and now the citizens of Greece are in a state of social unrest.

The uncertainly surrounding the nation-state spurred a bond market flight-to-quality last week. That, too, helped to keep rates low.

Last week, mortgage rates fell for the sixth week out of nine, a streak that’s dropped conforming mortgage rates in Washington State to their lowest levels of the year.

This week, that could change.

Wednesday, the Federal Open Market Committee adjourns from a 2-day meeting and anytime the Fed meets, there’s a good chance that mortgage rates will move. The FOMC makes the nation’s monetary policy.

The meeting adjourns at 12:30 PM ET and Fed Chairman Ben Bernanke will follow with a press conference at 2:15 PM ET. The press conference is meant to give context to the FOMC’s decision, and allow for back-and-forth with the press corps. Wall Street will watch closely, too, for signals of the Fed’s next action(s).

In addition, this week will see the results of May’s Existing Home Sales report and New Home Sales report. Both are considered important to the housing market, and to the economy overall.

If you’re still floating a mortgage rate, falling mortgage rates have helped you. There’s not much room for rates to fall further, however. Consider calling your loan officer and locking something in.

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Mortgage markets improved last week in Seattle, carried by the same stories that have led markets better since April. Worries of a Eurozone sovereign debt default mounted, and the U.S. economy’s revival showed itself to be slower than originally anticipated.

In Greece, the nation readied itself for its second bailout in two years. The austerity measures of last year have not worked as planned. There are concerns that a default would lead to contagion, delivering the Euro region into an economic tailspin.

These fears spurred a flight-to-quality in bond circles to the benefit of U.S. mortgage rate shoppers.

In addition, last week’s U.S. jobs data fell short of expectations, giving another boost to mortgage markets.

There were 3 weak reports:

1. ADP showed 38,000 private-sector jobs created in May. Analysts expected 170,000.
2. The Department of Labor showed 422,000 Initial Jobless Claims. Analysts expected 415,000.
3. The Bureau of Labor Statistics showed 54,000 jobs created in May. Analysts expected 150,000.

Each of these data points underscores the fragile nature of the U.S. recovery, and the weaker-than-expected readings helped mortgage rates improve.

It’s the sixth week of 7 that mortgage rates in Seattle have improved, setting the stage for a new wave of refinances.

This week, there is very little new data on which for mortgage bonds to trade. Therefore, expect the stories from recent weeks to continue to dominate headlines. If Greece’s austerity and/or bailout plan is met with investor optimism, mortgage rates should rise. If the plan falls flat, mortgage rates should fall.

There will also be chatter about the U.S. debt ceiling, another potentially negative force on mortgage rates.

If you’re floating a mortgage rate right now, consider locking in. There’s a lot more room for rates to rise than to fall.

Mortgage markets improved last week ahead of Memorial Day and a 3-day weekend. Bond pricing ending the week higher, pushing conforming mortgage rates in Washington State down for the 5th week out of six.

Most economic news reported worse-than-expected. Initial Jobless Claims

increased sharply, GDP was unchanged, and Durable Orders posted the largest one-month decline since October. Each of these stories reduced inflationary pressures on the economy, contributing to lower mortgage rates.

However, the main driver for U.S. mortgage rates last week was Europe.

One year ago, Greece pledged to lower its spending, cut its deficit, and reduce the number of public programs and benefits. In economic circles, this is known as austerity. For more than a month, however, despite the austerity measures, there has been concern that Greece will fail to meet its debt obligations.

Last week, that concern spiked. It triggered a flight-to-quality that helped U.S. mortgage bonds, and led mortgage rates lower.

Conforming and FHA mortgage rates are now at their lowest levels in more than 6 months.

This week, the biggest news is May’s Non-Farm Payrolls report. Although, expect for rates to carve out wide ranges from day-to-day. Until the Greece scenario reaches a resolution, Wall Street will be on edge.

• Tuesday : Consumer Confidence, Case-Shiller Index
• Wednesday : ADP Challenger Report
• Thursday : Initial Jobless Claims
• Friday : Non-Farm Payrolls Report

Plus, four members of the Fed have scheduled speeches.

If you’re still floating a mortgage rates, or have otherwise not locked in, luck is on your side. Mortgage rates look poised to fall over the next few days, however, markets have been known to reverse quickly. Therefore, if you’ve been quoted on a rate that looks acceptable to you, you may not want to gamble on mortgage rates falling further.

The safest decision may be to commit to what’s available to you today.