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4/15/2013

HARP 2.0

FNMA and FHLMC have announced that loan limits for HARP 2.0  remain unchanged for 2013.
 
Unlimited LTV (loan to value) for owner, non-owner and investment properties.
Credit score limit has been reduced to 620.
Second mortgages may be subordinated up to any combined loan to value.
 
HARP loans are limited in California to be under $ 625500 for High Balance Loans sold and delivered before May 31, 2009. This means your loan should have closed in the beginning of April 2009 or before to have been delivered to Fannie Mae or Freddie Mac.
Eligible homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities. This is great for all California residential property owners who are underwater as mortgage rates are at all time lows and your payment can reduce.
 
Other requirements to lower your payment under HARP 2.0 are:
 
The mortgage MUST be "owned" or guaranteed by Fannie Mae or Freddie Mac
The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.
Loans with LTVs (loan to value) greater than 125% - the mortgage payment history must be 0x30 for last 24 months.
Hardest Hit Fund for Arizona home loans eligibility changes can be viewed at:  http://www.azhousing.gov/
Nevada has run out of funds to continue HARP 2.0 program.
HARP Refinance Program maximum Debt To Income Ratios allowed:
Primary residence: 55%
Second home: 50%
Investment property using subject rental income to qualify: 45%
Investment property not using subject rental income to qualify: 50%
 

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