Thursday, March 8, 2012

HARP 2.0 Draws Closer


I've been sifting through my past clients that have been left out in the cold and calling them with the good news. "I know you are underwater on your mortgage but I can help you NOW... Really!" March 17th is the big day for Fannie Mae's big release and it is just around the corner... in fact I can count it on two hands. Pretty exciting stuff if you've been waiting for some real relief as promised. [Biting my tongue... another post, another day] I have covered the topic in the past but will hit on the bullet points for you again, just because I can.

  • Unlimited Loan to Value and Combined Loan to Value
  • No appraisal required if an appraisal waiver is granted
  • No limits on the amount of financed properties
  • Owner occupied, second home, and investment properties are eligible
  • Loans with Private Mortgage Insurance or PMI (restrictions apply to lender paid) are eligible
We still have to see how the appraisal waivers pan out before we can stop pinching ourselves and the MI is an extra step but for now there is hope for HARP 2.0. Stay tuned!

To apply for this or any other loan program contact me today.


Disclaimer: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.  
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: