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Help for Underwater Homeowners: HARP 2.0 released 11/15

Written by Clay on . Posted in Uncategorized

Help for Underwater Homeowners is here … almost. Fannie Mae and Freddie Mac announced details of the HARP 2.0 program on Tuesday as promised. Much was consistent with the original announcement … HIGHLIGHTS:
  • Applications must wait until December 1st, 2011 … two weeks!
  • Loan must be owned by Fannie Mae or Freddie Mac … the only way to determine that is to click on the links below or complete the form and we will do it for you.
  • There will be NO maximum loan to value for 30 year or 15 year fixed mortgages
  • No mortgage late payments last 6 months
  • Investment properties are allowed and work well because the cap on charges
Pricing penalties from Fannie/Freddie with the original HARP are removed … we have to wait to see what the individual lenders and investors do. That should mean the program will be very competitive unlike the steep penalties under the original HARP once the loan to value approached 125%. Lenders have not issued guidance on how the new program will work – but I do expect them to be up and running by December 1st. My take on the HUH? Program – more formally dubbed the expansion of the HARP refinance program – extending benefits of a refinance to underwater homeowners! This is something that will help homeowners who previously could not refinance because of low appraisal values. See my comments below and complete the information below to find out if your loan is owned by Fannie Mae or Freddie Mac and is eligible. Remember, it does not matter who SERVICES your loan – it is not the same. Ask me how! Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/ Look your loan up using the links above or fax me your mortgage statement and the last four digits of your social (so I can look up if Fannie or Freddie own your loan). I will get back to you with the benefit from a refinance or simply confirm if you should stay put. No fax? Just give me a call. As always, let me know if I can be of help in any way!

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