Category Archives: Obama Approval Rating

Pennsylvania HARP Mortgage Lenders Can Bank on Recently Announced Two-Year Extension of the Obama Administrations Underwater Refinance Program

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Cherry Hill, Pennsylvania (PRWEB) April 17, 2013

HARP Mortgage Lender, a national network of approved HARP mortgage professionals, reports that Pennsylvanias Home Affordable Refinance Program (HARP) has been extended for an additional two years, allowing underwater homeowners the ability to utilize a program that has helped over 45,000 Pennsylvanians and 2.2 million underwater borrowers nationwide save thousands of dollars per year since its inception in 2009.

The Federal Housing Finance Agencys extension was announced on April 11, 2013, and comes in the wake of a calendar year where user-friendly adjustments to HARP yielded record numbers of borrowers reaping the benefits of the program, with the average borrower saving over $ 4,300 per year on mortgage payments, according to a recent report by Fannie Mae. This included 19,944 new HARP borrowers in Pennsylvania for 2012, which makes up 44 percent of The Keystone States overall borrowers since the program began four years ago. The reason for the dramatic uptick is the provisions the Obama administration added to HARP in late 2011, which, among other major benefits, lifted the 125 percent loan-to-value (LTV) cap for borrowers, making the program increasingly attractive to Pennsylvania borrowers who are deeply underwater.

Click HERE to check HARP Loan Eligibility

And while the FHFA hasnt given an estimate yet on how many deeply underwater borrowers they expect to utilize HARP during its extension through January 31, 2015, the figure of 1.1 million HARP borrowers nationwide in 2012including 228,141 with LTVs over 125bodes well for this rapidly accelerating home loan tool.

About 30-40 percent of our clients have LTVs over 125 percent, says Anthony Piccone, President of 7th Level Mortgage in Cherry Hill, New Jersey. Our product guidelines will allow us to go up to 200 percent. Piccone adds that the average HARP loan his company sees is about $ 220,000.

Because of the incredible HARP interest rates, which hit a 40-year low for national interest rates at 3.31 percent last November, this means that not only can a HARP borrower pay half the interest rates they might have been paying on a property that they mortgaged at $ 400,000 before the housing market declined, but that rate is essentially slashed in half again when taking into account that HARP refinancing enables borrowers to pay interest rates based on what their property is currently worthnot what they might have overpaid for it.

Its because of incentives like this that Piccone points to a recent client of his who is saving over $ 389 per month through HARPwhich comes to about $ 4,700 in savings per year. And as that Fannie Mae report showed, clients like this one of Piccones are closer to the norm than they are exceptions to a rule.

In all, what the 2-year HARP extension means is more time for Pennsylvanias would-be borrowers to get their ducks in a row and make sure they are eligible to use a HARP refinance loan so that they can join the other 2.2 million users who are saving close to $ 5,000 every year.

About HARP:

The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac announced additions to the Home Affordable Refinance Program in October, 2011 that make it easier for lenders to refinance HARP-eligible mortgages for responsible borrowers.

The Home Affordable Refinance Program (HARP) works as a streamline refinance program that helps responsible borrowers who have been prompt with their mortgage payments, but might not have been able to refinance in recent years due of falling home values.

The Obama administration says that HARP will save homeowners $ 250 on average per month in mortgage payments, and recent numbers point to even higher savings. HARP is also expected to help 4-5 million underwater homeowners.

To qualify for HARP 2.0, borrowers must meet these requirements:

1) Their first mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac.

2) Fannie or Freddie acquired the loan before May 31, 2009.

3) Borrowers have to be up-to-date on mortgage payments.

4) A homes value cant exceed the amount owed on the home, or there is minimal equity.

5) All mortgage payments in the past 6 months have been paid promptly.

Obama Approval Rating Reaches Highest Point Since June 2011

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According to two new polls released Wednesday, President Barack Obama is feeling more love from the American public than he has in nearly a year. The commander-in-chief’s approval rating is currently at its highest since June 2011. While recent polling has shown a slight dip in Obama’s approval rating as gasoline prices across the nation continue to soar, other recent economic trends — combined with a divisive and seemingly never-ending Republican presidential primary cycle — may have boosted the president’s esteem in the eyes of the average American. Obama’s approval rating rose to 49 percent in a Gallup survey taken March 9-11 and released Monday, which reports his approval seemed to build on an upward trend that began early last week when it hovered at 43 percent. An additional Reuters/Ipsos poll of more than 1000 adults conducted during the same weekend found Obama’s approval rating just higher 50 percent, although a considerable 48 percent of respondents said they disapproved of his job performance. Moreover, the survey found that 37 percent of respondents said the US is heading in the right direction, up from 32 percent in February. Both surveys reported that the fact the US economy gained approximately 227000 jobs in February, released on Friday, likely contributed to the president’s higher approval rating over the weekend. Obama may also be benefiting from the often bitter GOP presidential race, which has been unusually focused on highly divisive social issues …

Proposed HARP 3.0 #MyRefi Refinance Program May Benefit 30 Million Borrowers

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Las Vegas, NV (PRWEB) July 09, 2012

HARP Approval (http://harpapproval.com), a leading national network of authorized HARP refinance lenders, prepares for HARP 3.0 updates under President Obamas #MyRefi Home Affordable Refinance Program that could have an impact on up to 30 million borrowers.

The White Houses #MyRefi campaign to streamline refinancing and help improve the economy is stimulating open discussion and debate within the banking community, as well as proposed legislation from Washington.

HARP 2.0 is a refinance program created by the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac to help responsible borrowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their property value.

Click Here – For Fannie Mae or Freddie Mac HARP Eligibility

The Obama Administration has stated that HARP will save homeowners an average of $ 250 a month in mortgage payments, and that the Home Affordable Refinance Program overall will help an anticipated 4-5 million underwater homeowners.

Senate bill 3085, introduced by U.S. Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA), would expand and streamline refinancing opportunities under the existing Home Affordable Refinance Program (HARP). Research from Manhattans Columbia Business School at Columbia University, estimates this new legislation would increase the total number of homeowners who refinance under HARP to up to 13 million and produce total potential savings of $ 35 billion a year.

Director of Economics for Fannie Mae, Orawin T. Velz, published a commentary in June, 2012, about how refinancing can restore the financial health of households. In her report, Velz listed a number of benefits to the economy of a large scale streamlined refinance program, which would allow every homeowner to lower their interest rate to four percent, regardless of whether they had a mortgage with Fannie Mae, Freddie Mac, FHA or VA.