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HARP 2.0

Call me at 801-540-5108 for more details or to Pre-Qualify. 

Call me at 801-540-5108 for further information
April 3, 2012 HARP 2.0 Update: The middle to the end of April is the new time frame which has been given for the roll out of the Automated Underwriting System (AUS) update and for investors to update their guidelines.

When I receive these two updates, I can begin to take applications and help homeowners who qualify for the HARP 2.0 loan.  :)


Call me at 801-540-5108 for more information
March 1, 2012  UPDATE on the HARP 2.0 program:  Fannie Mae and Freddie Mac have named the date of March 19, 2012 when they will be rolling out their respective Automated Underwriting Systems (Fannie Mae Desktop Underwriter and Freddie Mac's Loan Prospector). 

Product guideline updates (from my 12 investors) are also expected from the middle to the end of March and that will be the time frame I can begin to take applications for the HARP 2.0 loan.  :)

I have found from my conversations with those who have contacted me that over 90% of HARP 2.0 eligible homeowners can lower their rates by more than 1% and the average current rate of those needing help is in the 5.875% to 6.5% range.  This program is going to help many homeowners who have been on the sidelines and not able to take advantage of great refinance rates available this past 3 years.   

Another noteworthy item is that over 85% of those who have called me are underwater (their homes are over 100% loan to value).  The current loan to value needs to be at least 80% loan to value to be eligible for the HARP 2.0 loan and there are NO loan to value limits (my highest loan to value to date has been 200%).

Quick Overview of HARP 2.0: The loan must be currently insured or owned by Fannie or Freddie and 2nd homes and investment properties are also eligible. If the current loan doesn't have PMI, it will not be required on the new loan, regardless of the current loan to value.  If the current loan has PMI, the new loan will be "re-insured" and will also have PMI.  2nd mortgage holders (Home equity loan or line lenders) so far to date, have agreed to subordinate (remain in 2nd position) to a new HARP 2.0 loan for those homeowners who have contacted me.

Call me with additional questions and I look forward to helping you this month!  It looks like it is finally almost here!  :)

Call me at 801-540-5108 for more information
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 (which my company is) 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.  Please read below for additional HARP 2.0 details and call me at 801-540-5108 with any additional questions you might have.  :)

See highlighted updates (January 26, 2012) below

I am a participating HARP 2.0 mortgage loan originator and I can help with HARP 2.0 refinance questions, applications, and loans! 
    • Your current mortgage loan servicing company may say that they are the only option for completing the HARP 2.0 refinance.  This statement is simply not true.
    • As a participating lender, I can help with the Fannie Mae Refi Plus and Freddie Mac's Relief Refinance Program (these are the names of the two programs given to the HARP 2.0 refinance program outlined below)
Call me at 801-540-5108  for more info
HARP 2.0 (Home Affordable Refinance Program) is scheduled to launch December 1, 2011 and will end January 1, 2014.  It is estimated that of the 20 million eligible homeowners, 7 million will qualify (solid incomes, good assets, quality credit scores).
HARP 2.0 removes ALL loan to value limitations (no matter how underwater or upside down the value is compared to the present loan balance, HARP 2.0 can help!).

There is not a concern with:
  • Private Mortgage Insurance (PMI)-if there is PMI on the present loan, PMI companies have agreed to the HARP 2.0 guidelines and have agreed to cover the loans with PMI on the future loan
  • Verifying income IF your new payment does not increase by over 20% over your old payment (HARP 2.0 allows for the loan to term to decrease from a 30 year to a 20 year or 15 year, but the payment increase limit of 20% over the old payment can't be breached)
  • High closing costs 
This COULD be a concern:
  • Updated January 26, 2012: Feedback from borrowers (to date) is that ALL 2nd mortgage lenders are willing to subordinate their 2nd mortgage position to a NEW HARP 2.0 loan.  Original 12/1/11 announcement:
  • This could be a concern: Those who have Having a 2nd mortgage-the current 2nd mortgage lender MUST subordinate (remain in 2nd position) behind the new HARP 2.0 loan. The first step to take is calling the 2nd mortgage lender and asking, "Will you subordinate my 2nd mortgage behind a new HARP 2.0 mortgage?".  Feedback I have received so far is that the 2nd mortgage lenders WILL subordinate (for a fee of approximately $200 and 2 weeks to process).  Form completion and follow-up of approved subordination agreements is part of OUR job. 
Will there need to be an appraisal?  The appraisal requirement may be waived if there is a high enough confidence score within the Automated Valuation Model (AVM) used by Fannie or Freddie. 

Properly prepare for the loan application by taking the following 5 steps:
  1. Because Fannie Mae or Freddie Mac MUST currently insure the loan, use the following look up tools to find this out.  After locating which agency backs the loan, write Fannie or Freddie on the most current mortgage statement:  Fannie Lookup   Freddie Lookup
  2. The current mortgage loan must have been insured by Fannie or Freddie prior to June 1, 2009.  The closing date of the current loan can be found on the settlement statements in the closing papers from the title company (look in the upper right hand corner).  
  3. Updated January 26, 2012-  YOU CAN have LPMI on your original loan as long as the investor guidelines will allow it.  Original HARP 2.0 announcement on December 1, 2011: Cannot have Lender Paid Mortgage Insurance (LPMI).  The current loan must either have mortgage insurance that is paid monthly or not have mortgage insurance.  If the current home loan doesn't have monthly private mortgage insurance as part of the payment, AND the original loan to value was ABOVE 80%, the current loan probably has LPMI and is not eligible.   
  4. Not over 30 days delinquent on current mortgage in the past 6 months, maximum of 1 time over 30 days in the past 12 months.
  5. List of items to gather before the HARP 2.0 application:
  • Most recent 2 years of tax returns with w-2's
  • Most recent 30 days of pay stubs
  • Most recent 2 months of bank statements, all pages
  • Picture ID
  • Social Security Card
  • Homeowner insurance information-company, agent, phone number
  • Copy of most recent closing documents from the the Title Company
  • Most recent mortgage statement
Call me at 801-540-5108 so I help answer your additional questions!  :)