HARP 3.0 Could be Passed Without Congressional Approval for Florida Homeowners

HARP 3.0 Could be Passed Without Congressional Approval for Florida Homeowners!


HARP 3.0 could get released without having Congressional Approval for Homeowners that are currently underwater in Florida. GREAT NEWS!

There is a very good chance that HARP 3 may be released very soon for homeowners who have been anxiously awaiting the release of this much-needed program.
Recently,  the Federal Home Finance Agency (FHFA) took two large steps that show HARP 3 could be launched very soon. HARP 3 is designed for homeowners who do not have a Fannie Mae or Freddie Mac backed mortgage. That is what the HARP 2.0 is for and is still an excellent mortgage program to check into while mortgage interest rates are still low. For a free, no obligation  HARP 2.0 rate quote please don’t hesitate to ask.

The Home Affordable Refinance Program is now past its 4th year since induction. HARP was put in place to help homeowners who had a conventional mortgage that was backed by Fannie Mae or Freddie Mac take advantage of lower rates. The program allowed for homeowners  in a negative equity position (owed more than their home was worth) the ability to refinance their home.

HARP’s initial goal was to help an estimated 7 million homeowners, however those estimates were conservative. By November of 2011, fewer than one million households were successful utilizing the  HARP refinance program. After a dismal response the government then introduced HARP 2.0.

HARP 2.0 has been much more successful because it
1.  Removed any loan to value restrictions, thereby providing a refinance opportunity to severely underwater homeowners.  As you know Florida was one of those States that took a huge hit in home value prices.
2.  HARP 2.0 allows homeowners to refinance with a different lender than their current one. Many banks are not and will not take part in any HARP refinance programs.

HARP 2.0 has helped more than 2.7 million households and many of these households have seen more than $3000 per year in savings.

HARP 3 could be the answer to the many homeowners who continue to pay their mortgage on time but are paying at interest rates that are higher than 6%. More than 2.7 million households have used this program to refinance and today’s HARP program will save the typical homeowner around 27% monthly.


HARP 3 has gained considerable traction and the Government, (Now back up and running!) has called the program “A Better Bargain for the U.S. Homeowner”.  Currently the bill in Congress is called  “The Responsible Homeowners Act of 2013”

Some of the changes being considered for HARP 3 are as follows;

1.  Allow a non- Fannie Mae or Freddie Mac Loan to be refinanced
2.  Allow for larger loan sizes in high-cost areas
3.  Allow for loans to be refinanced that were securitized after May 31, 2009
4.  Allow for a “Re-HARP” allows for a loan to be refinanced again after the household has already used HARP.

Although we are still not clear when or if HARP 3 will be passed, it is important to note that the Federal Home Finance Agency does not require any congressional approval to expand its current HARP program.
Currently, the FHFA has extended the program to December 31, 2015. There is still time to take advantage of this great program. If you have any questions please contact Steve Mugar at American Mortgage Loan Services, LLC.


10 Keys for Personal Success


10 Keys for Personal Success

Hi. This is Steve Mugar of American Mortgage. Life has many keys to success and success is defined by you and only you since it affects YOU. Below are some of the ideas and traits you can apply to your personal life.

  1. Definition of Purpose – If you don’t know where you want to go, you can’t possibly get there. Knowing what you want in life is the starting point of all achievement. Define what makes up a successful life to you, and use that information to create a list of 5-10 goals you must reach to achieve the life you aspire to.
  2. Positive Mental Attitude – Enthusiasm is faith in action.  A positive attitude comes from within radiating outward, and like attracts like. Aim to stay positive, no matter what the circumstances.
  3. Focus – The power of thought is the most beneficial power available to man. Controlled attention leads to mastery of your objective. Keep your thoughts focused on what you want, not what you don’t.
  4. Personal Initiative and Accountability – Initiative gives you the power to begin your journey to success. Accountability is holding yourself responsible for your actions, responsibilities and goals. While initiative gets you started, accountability keeps you striving until you have achieved your goals.
  5. Self Discipline and persistence – Discipline is doing what you know you need to do, even if you don’t feel like doing it. persistence is doing what you need to do no matter what obstacles you face. Both require the balancing of emotions with the reasoning of your thoughts.  (Remember success does not happen overnight, think long term)
  6. Good Habits – Developing positive personal habits leads to peace of mind, no matter what your station in life. You are where you are today because of your established habits, thoughts and actions. Your future depends on the good habits you start today.
  7. Creative Vision – It gives you the ability to fearlessly use your imagination to create the future of your dreams. It is boundless. You must be able to see it before you can achieve it.
  8. Teamwork – It is harmonious cooperation with others, and with it success is inevitable. Cooperation is a priceless asset you can acquire in proportion to your giving.
  9. Adversity and Defeat – A person’s success is usually in exact proportion to the defeat that the person has faced and conquered. Many failures represent only a temporary defeat, and in the end help us to grow and learn.
  10. Faith – Faith is the belief and trust in what there is no proof of, as of yet. It is remaining steadfast on your course, even when faced with uncertainty. It is what you do and what you think about that determine what you are and what you will become.

Follow these guidelines and incorporate these elements in to your daily life. Start building your future today!

~Steve Mugar

American Mortgage Loan Services, LLC in Florida

Facebook: https://www.facebook.com/AmericanMortgageLoanServicesInFlorida


Home Loan Mortgage Paperwork

Stack of PaperworkMortgage Paperwork and documentation are key to your success and less stress when it comes to applying for a home loan. I wanted to pass along some information about your important paperwork, and how long you should hold on to certain papers.  Being in the mortgage industry I can’t tell you how many times I have run into issues and have been forced to need a borrower to jump through extra hoops because they did not keep certain important documents on file.  The list below should help you the next time you make a major financed purchase.

Conquering Your Paper Piles

There are many good reasons to keep your important papers in order and readily available.
If you are meeting with a financial advisor, tax preparer, Your Awesome Mortgage Broker, or attorney, it may take an hour to prepare instead of a week. If there is a fire, flood or theft you will be able to produce needed documentation without delay. If something were to happen to you or your spouse, your loved ones would readily be able to locate your insurance policies, banking statements, wills and unpaid bills. Good record keeping is essential, but do you know which documents to keep and for how long? Here is a quick list.

Bank Statements – Keep ATM and deposit receipts until you reconcile them with your monthly statement. File your monthly statements until your year-end taxes are complete, and then save those used to prove deductions for 7 years, however, we suggest you keep your most recent 12 months worth of bank statements available.
Investment Statements – Keep a minimum of the most recent 2 monthly or quarterly statements from brokerage accounts, 401k’s, IRA’s and other investment accounts. Keep end of year statements until you sell the investment.
Insurance Policies – Shred policies that renew annually as new policies arrive. These include your homeowner’s policy and your car insurance.
Credit Card Bills – Keep receipts for credit card purchases until you reconcile them with your monthly statements. After your credit card bill is paid, hold on to those that serve as proof of purchase for items under warranty, or those that serve as  evidence for tax deductions, such as charitable contributions. Shred the remaining statements after taxes are complete.
Pay Stubs – Keep the calendar year’s pay stubs until you check them against your W-2’s, then shred.
Loan Documents – Keep mortgage, student and vehicle loans in a safe deposit box until they are paid off.
Savings Bonds – Keep these in your safe deposit box until you cash them in.
Vehicle/Boat/Trailer Documentation – Keep purchase receipts and titles in your safe deposit box until you sell the vehicle.
Federal and State Income Taxes – Keep these for a minimum of 7 years. Taxpayers can be randomly audited for three years after filing, but the IRS can audit anytime if fraud is suspected.
Investment Purchase Confirmations – You must keep these to establish your cost basis and holding period when you sell the investment, at which time these records need to be kept with your income tax returns.

Items You Must Save Indefinitely

  • Birth Certificates
  • Marriage Licenses
  • Death Certificates
  • Social Security Cards
  • Divorce Decrees
  • Military Discharge Paperwork
  • Defined Benefit Plan Documents (pension plan documents from all current and former employers)
  • Estate Planning Documents (wills, trusts, powers-of-attorney, etc)
  • Permanent Life Insurance Policies (term life policies should be shredded after the policy expires)
  • Inventory of Your Safe Deposit Box (update this list annually, or as you add or remove documents)

Even if you dread it, organizing your important papers can reduce stress in your life. Please remember when discarding your out of date papers, use a crosscut shredder to protect yourself from identity theft. By following these simple steps you can breeze through the home loan mortgage application here at American Mortgage.

~Steve Mugar the Mortgage Guy in Florida


American Mortgage, Mortgage Guy Coffee Moments


Mortgage Home Loan work sometimes requires a good cup of Joe in the morning before you get started. This has been my experience.

Coffee TIP: I have had these things called “Coffee Moments”. Many of my friends on Facebook laugh at me for them. The one’s where you put grinds in the filter holder without the filter in it. The kind where you forget to put water in the water holder and wonder why the coffee isn’t ready.

Well I switched to the Keurig. Those little prepared K cups are great but expensive. My “Coffee Moments” have dropped substantially since switching. They make the K cup adapters where you can use your own grinds. First of all, I save a ton of money with this machine and using the adapter as opposed to the measure it yourself process with the old coffee machines.

When I am done brewing the coffee I would take the adapter and run water through it to get the grinds out in the sink but it would make a mess and it took time.

TIP: Take the adapter to the trash can, open the lid, turn it upside down and use a spoon or any other utensil and lightly tap it on the bottom and POOF…. it all comes out nice and easy. Tada! Oh the simple things in life. Enjoy your coffee!

The American Mortgage, Mortgage Guy loves to start the day with a cup of coffee before working on home mortgages.

By Steve Mugar




Bankruptcy, Foreclosure or Short Sale. Now what?



If you’ve had a bankruptcy, foreclosure or short sale, the above chart will show you how long you have to wait and what your credit report history should look like in order to be eligible to qualify for one of the mortgage programs mentioned.  The first thing you can do is get a secured credit card. This means you would give the bank a certain amount of money and they will give you a credit card with that amount as a credit limit. You are essentially using your own money instead of the banks.  If you default they have the money to pay off the debt. You would want to ask if the bank would be reporting to the 3 major repositories Equifax, Transunion and Experian. Ideally you would want the bank to issue you a bank backed credit card.


Got Milk or Got Mold?

Man with WrenchGot Milk or Got Mold? How to control it. I would prefer Milk and Cookies to Mold.

I think you will find this weeks Blog informative and helpful to be able to pick a couple hints to help prevent Mold growth in your home.

The dog days of summer are in full swing, and with the heat, comes humidity, lots of humidity, and you know what that can cause? You guessed it….the dreaded MOLD!

We Floridians are quite familiar with the effects of mold on our homes, but did you know that there are simple things that you can do to prevent mold growth in your home? Here are a few tricks:

Houseplants, while they freshen air in our homes, can also harbor mold in their soil, and even in their leaves. An easy solution to this problem is to add a bit of Taheboo Tea (available at Amazon and other retailers online), to the plant’s water. It retards the growth of mold in plant soil while still giving you the clean air benefits of having potted plants in your home.

Dry towels and clothing immediately and completely after use. Mold can start to grow on damp garments in as little as two days. Always use ventilated hampers for your laundry, and wash clothes in hot water with color safe bleach. If you can dry clothes on a line out in the sun, do so. The sun has natural bleaching effects.

Use your bathroom and kitchen exhaust fans diligently. Most of us turn on our bathroom exhaust fans when we shower or bathe, but we need to remember to leave them on for 10-15 minutes after you leave the bathroom, with bathroom door fully open. Kitchen exhaust fans are the same, leave them on for 10-15 minutes after you finish cooking (longer if you must also clear out cooking odors).

Use mold resistant paint wherever you have areas of moisture in your home. Zinsser’s Perma-White is a great option, and carries a five-year guarantee. It is available online or at Lowes. You also have the option of using mildew resistant additives to your existing paint, however they are not as strong as the ready-made mildewcide options.

Use your air conditioner properly. Match the AC capacity with your house or room size. Air conditioning units are commonly oversized for the area they are to cool. A larger air conditioner cools an area too quickly and then shuts off. With a smaller unit, the AC stays on longer, leaving it more time to remove humidity. Don’t set the temperature of your AC too low either. The decreased temperature in the room cools the materials in your walls, floors and ceilings thereby significantly increasing the potential for moisture condensation on these items, creating more mold. Always use the “auto” mode on your AC and not the “on” mode. When set in the “on” mode, the blower runs continuously and moisture that is condensed on the evaporator coil is re-evaporated and blown back into the house before it can run off the coil and out of the home.

Mold is basically everywhere so negating the availability of mold spores is virtually impossible, but taking the above steps can greatly reduce the mold growth in your home. Stay diligent, a little prevention now can save you a great deal of money on costly repairs, and worse, full remediation later.


The Home Mortgage Loan Originator’s Values

“A customer is the most important visitor on our premises, he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so” – unknown author

A “Mortgage Guy” takes great strides to meet every need and request of his client. A “Mortgage Guy” takes great pride in taking care of Realtors and preserving their relationships. A “Mortgage Guy” looks out for the best interest of those he serves. A “Mortgage Guy” helps Realtors build their business. A “Mortgage Guy” communicates effectively with all parties whether the information is good or negative. A “Mortgage Guy” is not the “Doughnut Man”. He is a professional. He fights the battles right alongside his Realtor and clients. I cannot serve all Realtors but I can go above and beyond for the one’s I do.

Realtor quote – “Ever since I started using Steve Mugar 50 percent of my workload has dropped off and I have much less stress.”

I am that “Mortgage Guy” in Florida and I am looking for a few good relationships with Realtors and new clients that want to grow together or have someone they can count on.  I have over 22 years experience in the Real Estate and Real Estate Financing business.

American Mortgage


FHA 203K Streamline Loan. What is it?

The FHA 203k Streamline loan: What is it?

Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.
Examples of repairs:
• Repair, replace, and upgrade roofs, gutters and downspouts
• HVAC systems (heating, vacuum, and AC)
• Plumbing and electrical systems
• Flooring, exterior decks, patios, and porches
• Minor remodeling that does not involve structural repairs
• Interior and exterior painting
• Weatherization, including doors, windows, insulation, stripping, etc.
• Appliance purchase and installation (kitchen appliances, washer, dryer)
• Lead-based paint removal and stabilization
• Exterior wall-re-siding
• Certain other improvements that are a PERMANENT part of the real estate*

Man with WrenchCall for more information. 321-723-6206



SOMEONE in the Mortgage Industry

Good Morning Everyone! I hope you all have a successful day today. Someone needs your smile, someone needs a handshake, someone needs encouragement. Be that someone today. Watch how good the day can be. In addition, someone needs to help you with a mortgage. That someone would be me.  I’m here to help. If you need mortgage information or know of someone who could use my help please give them my information. I’ll take great care of them. If you live in the State of Florida I can help. I’m a Florida Native, originally from Miami.

Call me now. 321 723 6206


American Mtg Logo


HomePath Mortgage Loans for Florida Homeowners

The HomePath Mortgage Loan In Florida is Offered  On Homes Owned By Fannie Mae  through (Conventional)Lenders. This loan program is also known as HomePath Mortgage or HomePath Renovation Mortgage. We offer this product as well.


The requirements for this loan are similiar to FHA and USDA however the selling bank will require the buyer to be pre-approved specifically for the HomePath loan.
If a Buyer Can Qualify For FHA or USDA, They Will Qualify For HomePath Loans – It Is Just A Different Name For A Type Of Conventional Loan.  Investors can be Approved For This Loan Which They Cannot Do With USDA or FHA.


  • Low down payment – Up to 5% and Flexible Mortgage Terms
  • Credit Score From 660
  • Available to both Owner Occupied and Investors
  • Down payment can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No Monthly Mortgage Insurance Premium
  • No Appraisal Fees
  • Financing to fund both your purchase and light renovation

Frequently Asked Questions

Why does Fannie Mae have properties for sale?
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

What kinds of properties are available in the Fannie Mae HomePath database?
Fannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?
No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house? No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae require a lender’s prequalification statement before negotiating a home purchase offer?  Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing for the HomePath Mortgage in Florida when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.  A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

Does Fannie Mae provide special financing?
Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?
All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

If you want more information on this Fannie Mae Homepath Loan in Florida simply fill out the form below.