So I have some good news, and even more good news.

First the good news–it seems like the rule makers have been on vacation, with eight updates over the last 30 days.  In fact, this is the first time ever that we did not have any updates from FHA or VA.

But first, let’s not forget that HARP will be available on March 17 for new servicers.   Oh, and remember this program does not end until December, 2013.  While it’s hard to believe that people have not heard about HARP, you may have some borrowers throughout the next year and ½ that will still qualify—and not even know that they do.

By the way, you’ll find a HARP class, answering the questions you asked on MortgageCurrentcy Facebook.  The video class is free and here’s the link to that class.

The really big news is the USDA Refinance Pilot Program – which in my opinion, beats the HARP program all to hell—well almost—because initially, there are 19 states that are going to be the guinea pig on this refi program.

And here are some of the highlights…

• Borrowers with current USDA loans can refinance them and not have to qualify again…this includes no credit report, no appraisal, no property inspections, and no ratios.
• The interest rate must be 1% below their current rate
• Mortgage payments must have been made on time for the last 12 months.
• Must still meet current income limits, which by the way were increase on February 1^st.
• Only the principal balance plus the upfront guarantee feel cans be refinanced. Accrued interested, closing costs, lender fees and late fees cannot be added to the loan amount.

So, another update to the HUD REO, $100-down program is that they are added 8 more states that will be offering $100 down when a borrower buys a HUD foreclosed property.

A quick marketing tip – visit HUD’s REO website and periodically email new, foreclosure homes for sale to your real estate agents.  The link to that page is listed in the article.http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale

One more piece of good news if you work with builders and construction loans.  Fannie came out with a couple of the updates:

• The length of time the borrower has owned the lot no long applies and will be based off the appraisal value.
• Two time closing transactions will be consider as limited cash out refi.
• And 97% LTV are now allowed.

So, as a quick recap:

USDA has a new refinance pilot program…is one of the states yours?

USDA has increased income limits in almost every county – How much did they increase in your county?

The HUD has added 8 states to their $100-down REO program—Check periodically for new foreclosure listings and let you real estate agents know.

And if you work with builders, Fannie has updated their construction to perm financing rules.

Any why subscribe to www.mortgagecurrentcy.com?  (You can try it out for only $1)

Because getting a loan approved these days IS rocket science.