Aundrea Beach-Greco Mortgage Blog Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #2 – New and Improved FHA Hope for Homeowners Program May 26th, 2009 6:58 PM FOR IMMEDIATE RELEASE 5.26.09 Five Ways the New Housing Law Benefits Home Owners Benefit #2 – New and Improved FHA Hope for Homeowners Program “It has been reported that only one family has qualified for the FHA Hope for Homeowners program since it was launched last year,” Nicholas said. The new version of the program should generate a lot more participation from lenders due to four major updates: The current mortgage lien holder is allowed to share in any appreciation in home value that occurs over time. Previously, first lien holders were excluded from equity sharing and they had little incentive to participate in the program. The FHA premiums are reduced to “not more than” 3% up front and 1.5% annually. This means that the current lender may only need to reduce the principal to 90% of the current home value instead of the 87% that was required under the old plan. This program can now be used in conjunction with the Obama administration’s Making Home Affordable program that pays servicers a fee to reduce the mortgage balance. Borrowers are no longer required to document their income through tax returns. The Department of Housing and Urban Development (HUD) will issue income documentation guidelines that may make it easier for some borrowers to qualify using alternative sources of income documentation. It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets. Contact: Aundrea Beach-Greco CMPS info@aundreabeach.com (702) 326-7866 (877) AUNDREA Posted by Aundrea Beach-Greco on May 26th, 2009 6:58 PMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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Doctors, lawyers, even beauticians adhere to strict education requirements and licensing.  Do you want someone who is not bound to certain mortgage licensing standards looking at your credit and finances? Consult a CMPS™!

Certified Mortgage Planning Specialist, CMPS™ represent a new professional category in the mortgage sector: one that arose as a response to legitimate criticisms of the mortgage banking industry.

Mortgage Planners must have regional mortgage licensing, undergo structured training, and pass a battery of tests in order to be certified by private Certified Mortgage Planning institutions. They must also pursue and document ongoing training regarding the mortgage banking industry, the markets that impact home finance products, the role of interfacing with financial services professionals, and the methods, means, and ethics associated with advising consumers on home mortgages.

Certified Mortgage Planners work in concert with other finance professionals, including Realtors, CFPs, CPAs, Insurance Agents and Attorneys to ensure that consumer home finance products are in alignment with market trends, both current and historic. The deliverable of a Certified Mortgage Planner is a "Mortgage Plan" designed to maximize home equity and improve cash flow while wisely managing debt. CMPS professionals are committed, qualified and equipped to implement mortgage, cash flow and real estate equity management strategies that help consumers: Build and conserve wealth, Become debt free sooner, and Achieve financial freedom.

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