Fannie Mae Harp 2 Program Guidelines

Fannie Mae. Trademarks of Fannie Mae. SEL201204 Page 2 Clarifying that existing mortgage loans that have been modified, or are in the process of being. The Guide and Forms. The SingleFamily SellerServicer Guide Guide contains Freddie Macs selling and servicing requirements. We periodically publish updates to. Can you do any of these in conjunction with the Fannie Mae Home Path program Let me know. Thanks. AMG. The Home Affordable Refinance Program 2. HARP 2. 0 is designed to assist homeowners in refinancing their mortgages Find out if you qualify todayLate Friday Fannie Mae gave borrowers and lenders an alternative to documenting income for Refi Plus loans where payment increases will be under 20 percent. Retirement assets to be considered in qualifying for conventional loans under new Fannie Mae Freddie Mac policies. Should add flexibility for retired individuals. Late last year the government along with Fannie Mae and Freddie Mac announced plans for a new version of their HARP program. HARP has been around for a few years and. HARP loans are available if you loan is currently owned by Fannie Mae of Freddie Mac. This is different than who you send your payment to. Most mortgages in. Homeowners Educational Certification Program Education Options for FirstTime Home Buyers. Congratulations on taking steps toward responsible homeownership. Fannie Mae Guidelines Rules and Regulations. Whoo Hoo You passed the 2 minute mark. Seriously, if you are still here, it must mean that you want to keep up with the changing mortgage rules Click here to view examples of articles. HARP Refinance Rates 2. Guidelines. Listen to this post, or download the audio file. Urgent update FHFA, the organization that oversees HARP, has extended the program until December 3. Underwater homeowners now have additional time to qualify for this popular refinance option. Updated Home Affordable Refinance Program HARP 2. Cd Milagres Da Adora O A Video. Guidelines for 2. The Home Affordable Refinance Program, or HARP, has helped over 3 million American homeowners refinance into a lower rate and payment even though they owe more than their home is worth. The real estate downturn of 2. Click here to check todays HARP rates. Current 2. 01. 7 HARP guidelines are as follows. The current loan must be owned by Fannie Mae or Freddie Mac. The loan must have closed by May 3. The current loan to value must be greater than 8. No 3. 0 day late payments in the last 6 months. No more than one payment that was 3. Some lenders may require no late payments at all in the last 1. You cant use HARP on the same property twice. There are two different versions of HARP. The Fannie Mae version is called DU Refi Plus. Fannie_Mae_Refi_Plus_Certificate.png' alt='Fannie Mae Harp 2 Program Guidelines' title='Fannie Mae Harp 2 Program Guidelines' />DU Refi Plus, HARP 2. Open Access, Home Ready Fresh Start Program BK, Short Sale, foreclosure okay NJ FHA and First Time Home buyer loans down to 530 credit scores. The Freddie Mac version is called the Relief Refinance. These two programs are essentially the same for most borrowers. The loan program homeowners use depends on who currently owns their mortgage. Check your HARP eligibility now. Click to Download Our Free HARP e. Book. Learn About Upcoming Changes, and Secrets on How to Qualify. NewHARP Like Program Starts January 1, 2. Microsoft Office Onenote 2007 To Pdf Converter. FHFA has confirmed that a new HARP like program will open up to homeowners starting January 1, 2. The new program eliminates the requirement that the loan must have been opened on or before May 3. Instead, the loan note date must be on or after October 1, 2. This program is designed as a HARP replacement. As HARP gets repealed, then, this new high LTV refinance will take its place. Take note that the program still doesnt allow homeowners to get a high LTV refinance if their loan was opened between June 1, 2. September 3. 0, 2. Guidelines for the new program, according to FHFA sources, are as follows. Loan originated after May 2. The refinance must provide a benefit to the borrower, such as a lower rate, payment, or shorter loan term. An LTV of 9. 5 or greater, and can be more than 1. At least 1. 5 months have passed between the original note date and the refinance loans note date. No missed payments in previous six months. No more than one missed payment in previous 1. You can use the program more than once as long as at least 1. HARP mortgage holders are not eligible. Homeowners who have had a HARP mortgage, but have since refinanced out of it, are eligible. Until this program is rolled out, it is worth checking your standard HARP eligibility to take advantage of home payment savings now. Check your eligibility for the current HARP program now. HARP Refinance Q AAre HARP Rates Low HARP mortgage interest rates are as low or lower than standard conventional refinance rates that require 2. This fact is why HARP has been such a benefit in todays refinance market. Homeowners with no equity or even negative equity in their homes can get the same rate as someone with a lot of equity. This is possible due to strong government backing. Lenders have discovered this is a safe and stable mortgage product to offer to their customers. The HARP program is a win for everyone. What is HARP 1. 0, 2. Harp 1. 0 debuted in 2. It allowed borrowers to refinance at up to 1. Loan to value is the comparison between the loan balance owed and the value of the home. Then the Federal Housing Finance Agency FHFA, the entity that oversees Fannie Mae and Freddie Mac, determined that the 1. Many homeowners were still unable to refinance because their values had dropped so dramatically. HARP 2. 0 was rolled out by the FHFA on March 1. The new enhancement eliminated the loan to value cap for fixed rate mortgages. With this move, the FHFA hoped to allow millions more American homeowners to refinance. The current HARP program has been extended to December 3. See if youre eligible for the HARP 2. HARP 3. 0 was a possible enhancement to the HARP program that would eliminate some rules and allow more to qualify. However, HARP updates are unlikely to happen at this point, since the program is set to expire in 2. Do I Have to Use My Original Lender for a HARP Refinance No. Any lender already set up to do Fannie Mae and Freddie Mac loans can do a HARP loan, despite where the original loan was completed. Breakthrough Advertising Eugene Schwartz here. In fact, youll probably get a better rate by shopping around. Shop around for a HARP rate by completing one short online form. Did Obama Waive Refinance Requirements A lot of rumors have been floating around that President Obama waived refi requirements, making millions more homeowners eligible. While the Obama administration is working toward waiving some requirements, there has been only a few changes to the HARP program since 2. However, heres one key change that happened since then On October 2. Fannie Mae and Freddie Mac changed the HARP cutoff date requirement slightly. Previously, the mortgage had to be sold to Fannie or Freddie on or before May 3. This means you could have closed a mortgage at the beginning of May 2. HARP, simply because your lender did not sell the loan to Fannie or Freddie quickly enough. Now, your loan just has to have closed by May 3. HARP. If you purchased or refinanced in April or May of 2. HARP before, try again now by completing a short online form to check eligibility. See if youre eligible for the current HARP 2. What is Loan To Value and is there a Maximum for HARPOn a HARP loan, there is no maximum loan to value set by Fannie Mae or Freddie Mac. The exception is that Freddie sets a maximum loan to value of 1. Loan to Value, or LTV, is the proposed new loan compared to the propertys value. For example If the proposed loan is 1. LTV is 1. 50If the proposed loan is 1. LTV is 1. 00Even though Fannie and Freddie dont set maximums for fixed rate HARP loans, some lenders do. Some will HARP loans up to 1. LTV, and some to 2. LTV. Some banks may have higher limits or no limit at all. Its up to the borrower to find a lender who will allow an LTV high enough to qualify. Check todays HARP 2. I Have a Second Mortgage. Can I Use HARP The HARP program allows borrowers to refinance the first mortgage while a second mortgage is in place. Fannie and Freddie do not set a combined loan to value CLTV maximum. The CLTV is the total of all loans on the property. If the proposed loan is 1. LTV is 1. 50 and the CLTV is 1. If the proposed loan is 1. LTV is 7. 5 and the CLTV is 8. HARP does not allow the borrower to pay off the 2nd mortgage with an increased 1st mortgage balance. The second mortgage must be subordinated behind the new first mortgage refinance. Subordinating is simply obtaining an agreement from the second mortgage owner to remain in second position after the new first mortgage is opened. Keep in mind that subordination agreements can be difficult to get because second mortgage holders are reluctant to subordinate a loan at 2. CLTV. However, second mortgage holders have been strongly encouraged by the government to approve subordinations so that the first mortgage can be refinanced. In the past two years, more 2nd mortgage lenders are subordinating their loans without issue. Be prepared for long waits of two to six weeks, however, as lenders are inundated with subordination requests. Check todays HARP 2.