Piggyback loan

Piggyback loan is a financing option available to home buyers in the Philadelphia area. A piggy back loan is when two loans are taken simultaneously. Simultaneously closing both loans at the closing table. Below is additional Philadelphia Piggyback loan financing information for home buyers to consider.

Benefits of Piggyback Loan Financing

Can be used to avoid jumbo pricing or get into a property with only 10% down. (80-10-10) No MI. 80% 1st mortgage 10% 2nd mortgage 10% down NO MORTGAGE INSURANCE This is just one scenario. To work out a specific scenario with an experienced professional visit www.phillyfinance.com

Philadelphia Piggyback Loan Financing Requirements

Requirements differ from lender to lender. Contact an NMLS registered and licensed loan originator today at www.phillyfinance.com

Summary of Piggyback Loan Financing

Specific requirements of Piggyback loan financing can vary based on the lender, type of property, and your personal financial situation. Above are only general guidelines. For additional details on Philadelphia Piggyback loan financing or purchasing a property in the Philadelphia area, please contact Thomas Spitko at Centennial Lending Group, LLC by calling 484-824-4489 or emailing Tspitko@rhfunding.com.
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HARP 2 is a financing option available to home buyers in the Philadelphia area. HARP 2 is a Government program that allows underwater borrowers to refinance their mortgage to current interest rates without paying down principal and without having to pay mortgage insurance. Below is additional Philadelphia HARP 2 financing information for home owners to consider.

Benefits of HARP 2 Financing

Lower your rate if you are underwater. Your mortgage must be owned by Fannie Mae or Freddie Mac.

Philadelphia HARP 2 Financing Requirements

 The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac  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) must be greater than 80%. The borrower must be current on the mortgage at the time of the refinance, no late payments in the past six months and no more than one late payment in the past 12 months.

Summary of HARP 2 Financing

Specific requirements of HARP 2 financing can vary based on the lender, type of property, and your personal financial situation. Above are only general guidelines. For additional details on Philadelphia HARP 2 refinancing or purchasing a property in the Philadelphia area, please contact Thomas Spitko at Residential Home Funding by calling 484-770-8478 or emailing Tspitko@rhfunding.com. You can also visit his website at www.phillyfinance.com to apply.

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FHA Streamline Refinance

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The FHA has recently opened up a new program that has made it easier for millions of Homeowners to refinance their mortgages at lower interest rates, even if they owe more than their homes are worth.

The eligible borrowers for this streamline refinance program, must have closed on their FHA loans before June 1, 2009.

The changes to the government's streamlined refinancing program could help the typical FHA borrower find "Significant Monthly Savings", according to the administration.

FHA Streamline Refinance MIP  changes are as follows:(highlighted)

April 9, 2012 – All FHA Loans

·        The Annual MIP on all FHA loans will increase by 0.10% to 1.20% or 1.25% based on LTV.  That’s about $15 per month on the typical FHA loan.

·        The Up Front MIP (UFMIP) will increase from 1.00% to 1.75%.  That’s about $1,387 more on the typical $185,000 FHA loan.  It can still be rolled into the loan amount.

·        FHA 15Y Loans with an LTV < 78% will still be exempt from the Annual MIP

June 11, 2012 – Loans over $625,500

·        The Annual MIP on FHA loans over $625,500 will increase an additional .25% (total of 0.35% higher than today)

June 11, 2012- FHA STREAMLINES

·        If the FHA loan you’re paying off was INSURED by FHA prior to June 1, 2009:

§  UFMIP is 0.01%  ßDarn near FREE!

§  Annual MIP is 0.55%

·        If the FHA loan you’re paying off was INSURED by FHA June 1, 2009 or after:

§  UFMIP will be 1.75%

§  Loans up to $625,500: Annual MIP will be either 1.20% or 1.25% based on LTV

§  Loans over $625,500: Annual MIP will be either 1.45% or 1.50% based on LTV

All of these changes are effective based on when the FHA Case Number is assigned to the loan.

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