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Yeah, too bad about the loss to the Gators. That's not how we do it here in Texas! :)
November 2011 – press release saying HARP II will save homebuyer's billions in interest, stimulate the economy, solve world hunger, and create peace throughout the world. (OK, maybe it wasn't THAT over the top.)
Later in November 2011 – everyone digest the information, and determines that is mostly hogwash, and that the program really won't be available for a several months.
December 2011 – Some lender spend money on advertising to take advantage of the press release knowing that it is basically a bunch of hogwash, but they can do the HARP I deals that people didn't know they could do, and have the borrower's info for when they can actually do HARP II (see below.)
January 2012 – more and more people notice that the November 2011 press release was political BS.
February 2012 – this is when Fannie & Freddie will begin to figure out how they are going to sell these securities. This will give us an idea of what rates and fees will be on these programs. The lenders currently servicing the loans CAN do manual underwriting and approve these loans – if they want to – at this time.
March 15 2012 – this is when the underwriting programs that Fannie and Freddie have that virtually all lenders use to approve agency loans are supposed to be updated to accommodate loans over 125% LTV.
After March 2012 – we'll see what the major investors will add to the mix as overlays. This is when we'll know just what we can do, and at what rates.
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For Sale: $393,400
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