January 26, 2012: UPDATE on the HARP 2.0 program:
I have learned and was able to review several key items about the HARP 2.0 program during an excellent Webinar I attended and am listing the bullet points below.
I will continue to update my Blog and Facebook Fan page with new information as it becomes available.
Call me at 801-540-5108 if you have any additional questions. :)
- Present occupancy is NOT an issue. If the home was originally owner occupied when purchased or refinanced and now it is now non-owner occupied, this is okay with HARP 2.0. I am still waiting for individual guidelines and risk overlays will need to be reviewed before implementation.
- Lender Paid Mortgage Insurance on the original loan IS allowed and the loan IS eligible for HARP 2.0 financing. It was pointed out that there could be an extra cost (which can be added into the new loan balance) from the Mortgage Insurance Company who is reissuing mortgage insurance on the new loan.
- If the home is presently for sale, there is NO restriction and the home can still be refinanced with the HARP 2.0 loan (FAQ #14, Fannie Mae website). Investor Guidelines to be reviewed when received.
- When is the loan available? Correspondent Lenders (Primary Residential Mortgage) will receive the updated guidelines and Fannie Mae Automated Underwriting System somewhere between March 17, 2012 and the end of March.
- Who the loan needs to be placed with: New loans do NOT need to be placed with the original servicing lender.
I look forward to helping you with your mortgage questions and needs. :)
