HARP 2.0 IS HERE. NOW ACCEPTING APPLICATIONS FOR THE NEW GUIDELINES
FAX TO 480-247-5028 – NO NEED TO FILL OUT LIABILITY SECTION – WILL AUTO POPULATE WHEN CREDIT IS PULLED.
CALL 602-688-2938 WITH QUESTIONS AND TO COMPLETE APPLICATION OVER THE PHONE.
Don’t Think You Can REFINANCE Because You’re Underwater? EQUITY is Not Needed with HARP!
HARP 2.0 Details Continue to Roll Out
Scottsdale, AZ – Since the initial announcement from the Obama administration in December there has been a steady flow of details release filling in some of the major questions regarding the HARP 2.0 Refinance Program.
Home Affordable Refinance Program (HARP) is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply. They do not require an appraisal and loan to value (LTV) restrictions do NOT apply.
The initial announcement scheduled Obama’s refinance program to be rolled out in phases. HARP 2.0 is a big undertaking. Not only do lender’s have to adjust their guidelines and train their underwriters, but loan origination and loan delivery systems had to be updated too.
The biggest change has to be made with Fannie Mae’s automated underwriting engine, Desktop Underwriter (DU). The most recent version of the software used by nearly every mortgage lender in the industry, contains rules and guidelines based on he prior version of HARP which restricted loan to value to 125%.
Fannie Mae finally announced an official DU rollout date last week of March 17th, 2012. Until DU is updated HARP lenders will not be able to deliver HARP 2.0 to Fannie Mae.
In addition to Fannie and Freddie getting the logistics ironed out, many mortgage lenders also need to decide if they were going to offer HARP refinances and what, if any, underwriting overlays they would place on them.
I am happy to report that several of my lenders are going to offer the Home Affordable Refinance Program with little to no underwriting overlays. That is huge! The original version of HARP was limited mainly to mortgage servicers and was not available to smaller, regional mortgage lenders.
Home-owners were forced to go through their big 4 bank for a HARP refinance. They had to deal with the horrible customer service and 120 day turn-times. They had no other choice.
Those days are OVER.
Instead of waiting 120 days to close, mortgage lenders like myself will be able to close HARP loans less than 30 days or even faster in many cases. That means you get your savings faster and with a whole lot less headache. That is good news for everybody.
What Are Your Next Steps?
Just because Desktop Underwriter will not be updated until March 17th, doesn’t mean you should wait to find out if you are eligible. HARP demand is going to be huge, get your ducks in a row early so you can take advantage of the savings as earlier as possible. How do you get started?
HARP Eligibility Loan Search – This is your first step. Determine if Fannie or Freddie owns your loan. If they don’t then you are not eligible. Doesn’t mean there’s not a loan program for you, FHA and VA also have refinance programs for underwater home-owners. Click HERE to Search Your Loan
Make Sure You Stay Current on Your Mortgage – This one is pretty simple, if you have late payments in the past year then no HARP 2.0 Refinance for you.
Gather Your Documents – HARP is a reduced documentation program, but there are still some docs we’ll need for underwriting; most recent pay-stub, copy of your mortgage statement, identification, etc