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HARP 2.0 updated thread
As my initial thread was deemed too old to add comments, I thought it may be appropriate to ressurect a new HARP 2.0 thread as there are many who have questions.
Back on March 19th, all new HARP 2.0 loans were able to be qualified with no limit on Loan To Value.
HARP 2.0 has really come a long way since the initial HARP guidelines. While there are still many lenders restricting guidelines with their own overlays, the automated systems from Fannie Mae (Desktop Underwriter) and Freddie Mac (Loan Prospector) have evolved and have made it easier to get these loans done; with a good number of cases receiving appraisal waivers too.
HARP is not just if you are Underwater. Regular debt to income ratio guidelines are also enhanced (going >45 dti) and in some cases pricing is better than conventional.
To qualify for a HARP loan your current loan must have been sold to Fannie Mae or Freddie Mac prior to June 1, 2009. As currently written, this program ends on December 31, 2013.
How do you know if they own your loan? To check, just follow these links to look it up:
"Does Fannie own my loan?" http://www.fanniemae.c
"Does Freddie own my loan?" https://ww3.freddiemac.
As each lender has their own specific guidelines (overlays) utilizing an experienced and knowledgable mortgage broker would be beneficial as they have many wholesale conduits and can best direct your loan to the most suited lender.
If you do qualify for HARP most likely there are tangible benefits (as most loans prior to 6/2009 have higher interest rates) that should be taken advantage of.
-Adam
Old Hippy & Mortgage Pro
Back on March 19th, all new HARP 2.0 loans were able to be qualified with no limit on Loan To Value.
HARP 2.0 has really come a long way since the initial HARP guidelines. While there are still many lenders restricting guidelines with their own overlays, the automated systems from Fannie Mae (Desktop Underwriter) and Freddie Mac (Loan Prospector) have evolved and have made it easier to get these loans done; with a good number of cases receiving appraisal waivers too.
HARP is not just if you are Underwater. Regular debt to income ratio guidelines are also enhanced (going >45 dti) and in some cases pricing is better than conventional.
To qualify for a HARP loan your current loan must have been sold to Fannie Mae or Freddie Mac prior to June 1, 2009. As currently written, this program ends on December 31, 2013.
How do you know if they own your loan? To check, just follow these links to look it up:
"Does Fannie own my loan?" http://www.fanniemae.c
"Does Freddie own my loan?" https://ww3.freddiemac.
As each lender has their own specific guidelines (overlays) utilizing an experienced and knowledgable mortgage broker would be beneficial as they have many wholesale conduits and can best direct your loan to the most suited lender.
If you do qualify for HARP most likely there are tangible benefits (as most loans prior to 6/2009 have higher interest rates) that should be taken advantage of.
-Adam
Old Hippy & Mortgage Pro
