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%
