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This has  been all over the news and here is the update on which borrowers may be eligible for the enhanced HARP program.

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

If you don’t know what type of loan that you have you can go to Freddie Mac or Fannie Mae and type in your name or loan number and it will tell you if you have one of these loans.  There will be more information to come as this program starts.

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The department of housing and urban development (HUD) has increased the FHA monthly mortgage insurance premium (MIP).  This ensures FHA remains financially sound and continues the historic role of providing financing for many well deserved home buyers. 

The FHA monthly MIP will increas by .25% for all FHA loans after April 18, 2011.  By acting now you can save on monthly expenses.

1. For cold drinks keep a pitcher of water in the refrigerator instead of running the tap. This way, every drop goes down you and not the drain.

2. Water your lawn and garden in the morning or evening when temperatures are cooler to minimize evaporation.

3. When washing dishes by hand, don’t let the water run while rinsing. Fill one sink with wash water and the other with rinse water.

4. Use a broom instead of a hose to clean your driveway and sidewalk and save water every time.

5. Shorten your shower by a minute or two and you’ll save up to 150 gallons per month.

6. Adjust your lawn mower to a higher setting. A taller lawn shades roots and holds soil moisture better than if it is closely clipped.

7. Use a water-efficient showerhead. They’re inexpensive, easy to install, and can save you up to 750 gallons a month.

8. Use a commercial car wash that recycles water.

9. Turn off the water while brushing your teeth and save 25 gallons a month.

10. Turn off the water while you wash your hair to save up to 150 gallons a month.

11. Turn off the water while you shave and save up to 300 gallons a month.

12. When you give your pet fresh water, don’t throw the old water down the drain. Use it to water your trees or shrubs.

13. While staying in a hotel or even at home, consider reusing your towels.

14. When you are washing your hands, don’t let the water run while you lather.

15. Aerate your lawn at least once a year so water can reach the roots rather than run off the surface.

Should you have any suggestions of your own I would love to hear them! Please comment on my post so that I may share your tips with other!

Regards, Patty