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HARP 2.0 + Current Mortgage rates a blessing for underwater homeowners wanting to refinance … requirements

Written by Clay on . Posted in HARP

HARP II or 2.0 is part of the Home Affordability and Refinance Program and will be a blessing for many homeowners wishing to stay in their home but have been blocked out from refinancing at historically low rates because of declining values.   Available March 18th homeowners with a loan owned by Fannie Mae or Freddie Mac may be eligible. The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage), the refinance program will be working along with låne penger to make sure the services are given out correctly. Keys …
  • Mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac (find out HERE
  • Current loan to value > 80%
  • Borrower current on the mortgage (no late payments last 6 months, only 1 in last 12)
  • No appraisal will be required (subject to lender overlays)
  • Pricing penalties for investor, credit and loan to value are now capped
  • Primary Residence, Investment and Second homes (1-4 units) are eligible
  • Mortgage must have been sold to Fannie / Freddie prior to April 2009
We have to wait for final guidelines and automated underwriting which will be available March 18th (or March 11th for Freddie Mac).  I expect a great deal of competition from lenders in rolling out this program.  A mortgage broker with access to many lenders  some that are direct Fannie Freddie lenders and others that will have their own niche – I look forward to bringing you the very best options for your HARP 2.0 Refinance.  Don’t wait, call today and get ready!

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Comments (1)

  • kevin pearce

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    This all looks promising….I currently have a fixed @5.65% with $268K, but what do I do with the HELOC at $450K, is there a way to handle that too? Call me at 925-324-3443 to discuss. Thanks

    Reply

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