The Mark A. Baker Mortgage Team Launches
Home Affordable Refinance Program Website To Educate Nevada Homeowners
I had the pleasure to sit down and talk to Mark Baker of The Mark Baker Team about the HARP program.
The HARP program is the Home Affordable Refinance Program.
The first one that came out Mark told me that you can refinance up to 125% of the value. Which did not help very many people? This is a newly updated federal program known as Home Affordable Refinance Program (HARP 2.0). First established in 2009, the Home Affordable Refinance Program (HARP) was designed to assist homeowners in refinancing their Fannie Mae (FNM) and Freddie Mac (FRE) mortgages, even if the homeowners owe more than the home’s current value.
This is the second round of HARP. Much different than the first one.
For homeowners in the Sand States the first HARP program did not benefit them much because most are 100% upside down on their mortgages. The sand states include Nevada, Florida, California and Arizona.
Mark specializes in helping Nevada homeowners. Nevada Homeowners with a Fannie Mae or Freddie Mac loan can apply for HARP 2.0 regardless if they’re “upside down” on their mortgages. “Upside down” means that you owe more than what your house is worth.
The HARP 2.0 program is for homeowners that are not late on their mortgage payments, have fixed rate mortgages, closed before June 2009 and have a Fannie Mae or Freddie Mac loan.
Many homeowners are unsure if they may have a Fannie Mae or Freddie Mac loan. Bank of America and Wells Fargo loans are a loan- servicing providers. Fannie Mae and Freddie Mac are the government sponsor enterprises. Mark also mentioned there are actually hundreds of service providers and may people do not know all the details of their loans. So you may have a Fannie May or Freddie Mac loan!
With HARP 2.0, people can roll any closing cost, prepaid taxes and insurance into the loan. You’re going to skip a payment and get an impounds refund back. (I’m not sure this is necessary)
Mark demonstrated how quick and simple it is for him to look up any loan. For example, I am a homeowner and I wasn’t sure if my loan was Freddie Mac or Fannie Mae. He looked it up and by my surprise my original loan was started from Fanny Mae. Therefore, I would qualify for the HARP 2.0 program and refinance my mortgage. If I was to refinance today I could do a 10- year loan and 3.625 with no points! (Note that the interest rate changes daily)
The HARP 2.0 program starts on March 15 14th and goes to the end of 2013. Mark is accepting applications now and you may want to get in before the interest rates go up!
Please go to www.NevadaHARP.com . It is a very simple form to see if you qualify!
THE MARK A. BAKER TEAM
If you are “upside-down” on your home and would like the opportunity to refinance to a lower rate, Mortgage Expert Mark Baker can help you navigate through the refinancing process. With more than 12 years experience in the mortgage industry and ranked as #1 Loan Originator in Nevada by Broker Magazine, Baker and his team guide homeowners through the process of refinancing their home through the Home Affordable Refinance Program or HARP program. Baker outlines important HARP information below.
About HARP – Home Affordable Refinance Program
Established in 2009, the Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if the homeowners owe more than the home’s current value.
The primary expectations of the HARP program are to:
· Reduce the homeowner’s monthly principal and interest payments.
· Reduce their interest rate and reduce the amortization period.
· Move homeowners from a more risky loan structure (such as an interest-only mortgage or a short-term Adjustable Rate Mortgage) to a more stable structure (such as a fixed-rate mortgage).
The Federal Housing Finance Agency’s (FHFA) changes to the HARP program are significant. To qualify for the HARP 2.0 program, the following apply.
· The current loan MUST be a Fannie Mae or Freddie Mac loan to participate in the HARP program. No other loans qualify for this program. (FHA loans & VA loans do not qualify)
· The homeowner must be able to afford the new lower payment.
· There is NO maximum Loan-to-Value (LTV) if a homeowner currently has a “fixed interest rate” with a 30 year or less term.
· There is a 105% maximum Loan-to-Value (LTV) if your current loan is an Adjustable Rate Mortgage (ARM).
· The loan MUST have been acquired by Fannie or Freddie prior to June, 1, 2009.
· The homeowner’s current loan cannot have any more than one 30-day late payment in the past 12 months and no late payments in the last 6 months.
· There are no restrictions for a recent Bankruptcy, Foreclosure or Short Sale, etc. on a homeowner’s credit report.
· If a homeowner qualifies for the HARP program, they MUST also show a “benefit” for the borrower to refinance. (Lower payment, lower interest rate, shorter amortization period/term of loan, ARM to a fixed rate, etc.)
For Fannie Mae-owned loans:
· No FICO requirement.
· Does not have to be primary residence. Can be second home or an investment property.
· If the property is deeded in a trust, the home can be refinanced as long as the trust paperwork shows the original borrower are the same owners of the trust.
· If the payment is increasing more than 20%
o Minimum FICO of 620.
o Maximum DTI (Debt to Income) of 45%.
o Verification of income and assets.
o Verification of employment (4506-T executed).
For Freddie Mac-owned loans:
· You must refinance through your current loan servicer.
The popularity of the HARP mortgage program has steadily grown since 2009. The three months ending in February 2011 saw record volume of 145,000 new HARP loans.
For more information on HARP 2.0 please visit www.NevadaHARP.com
For information and to contact Fannie Mae visit www.fanniemae.com or call 800-7FANNIE (800-732-6643). For information on Freddie Mac visit www.freddiemac.com or call 800-FREDDIE (800-373-3343).
The Mark A. Baker Mortgage Team Launches
Home Affordable Refinance Program Website To Educate Homeowners
Website to Help Guide “Underwater” Homeowners to See if They Qualify
The Mark A. Baker Team, an experienced mortgage origination firm, to launch new company website, www.NevadaHARP.com , to help Nevada homeowners determine if they qualify for the newly updated federal program known as Home Affordable Refinance Program (HARP 2.0). First established in 2009, the Home Affordable Refinance Program (HARP) was designed to assist homeowners in refinancing their Fannie Mae (FNM) and Freddie Mac (FRE) mortgages, even if the homeowners owe more than the home’s current value.
“The HARP program can help many underwater Nevada homeowners refinance their mortgages. It can be very confusing to find the information needed to see if you can even qualify, let alone going through the entire process with lenders. That is why I decided to build the website to educate and guide homeowners in the process to improve their financial position,” says Mark Baker, of The Mark A. Baker Team. “It’s not even fully known how many people will qualify for the HARP 2.0 program, although it is a worthwhile cause to let the community know about it and hopefully our efforts will help guide qualified homeowners through what can otherwise be an arduous process.”
The primary objectives of the newly revised HARP 2.0 are:
o To reduce the homeowner’s monthly principal and interest payments.
o Reduce their interest rate and the length of the loan.
o Move homeowners from a more risky loan structure (such as interest-only mortgage or a short-term Adjustable Rate Mortgage / ARM) to a more stable structure (such as a fixed-rate mortgage).
Mark Baker, of The Mark A. Baker Team in Las Vegas, brings more than 12 years of experience in the mortgage industry and a comprehensive knowledge of the housing market in Nevada. Ranked as #1 Loan Originator in Nevada by Broker Magazine, Baker and his team offer services for homeowners that qualify to refinance their mortgage.
For more information on HARP 2.0 or to contact The Mark A. Baker Team visit www.NevadaHARP.com
Mark A. Baker
– Biography –
Mark A. Baker, of The Mark A. Baker Team in Las Vegas, has more than 12 years of experience in the mortgage industry and extensive knowledge of the Las Vegas market. Baker has been identified as one of the most prominent mortgage experts serving in the Las Vegas Valley. As a Loan Originator and Branch Manager for Sierra Pacific Mortgage, he is responsible for marketing and originating residential mortgage loans from Real Estate professionals as well as individual clients.
Baker is also a highly respected speaker in the mortgage industry and has been chosen by organizations from across the U.S. to deliver talks to mortgage professionals as well as motivational speeches on success. Baker shares his own personal story, his vast knowledge of the mortgage industry and identifies the tools necessary to achieve success in any market.
The combination of excellent customer service, industry expertise and “doing the right thing” for clients has earned Baker and his team several accolades. Such as:
Mark Baker was ranked as one of the top Retail Originators for Sierra Pacific Mortgage in 2009 and 2010.
From 2007 – 2009 Baker was consistently one of the top two Originators for Meridias Capital.
Mortgage Originator Magazine ranked Mark Baker #30 for number of loans closed in the U.S. for 2006.
Mark A. Baker was ranked #1 Residential Loan Originator in Nevada by Broker Magazine in 2006.
From 2003 to 2005 Baker was consistently in the top two Originators for Silver State Mortgage.
Baker continues to combine his knowledge and expertise to provide every client the excellent services they deserve. Mark enjoys playing golf and spending time with his wife Carla, and his twin boys, Bradley and Anthony.
Please visit www.NevadaHARP.com!!