Does Fannie or Freddie own your loan? You know you can refinance now up to 105% of value right? What about the new HARP 2.0 program that will allow unlimited loan-to-value?
Here is an update for HARP 2.0:
The HARP 2.0 program will not be available until late March of 2012 for borrowers who are upside down by more than 25%.
To remind, Fannie Mae and Freddie Mac loans executed before May 31st, 2009 are eligible.
The HARP 2.0 loan approval process must utilize the Automated Underwriting Systems (AUS) for Fannie & Freddie; underwriting engines which unfortunately won't support the HARP 2.0 updates until March 2012.
We can offer the updated HARP 2.0 features as soon as the AUS engines recognize the new HARP II guidelines, and once lenders publish their guidelines. I will continue updates as we learn of any new information, particularly in the event the implementation timeline changes.
Want to know what you can do now, or to get an application on file?
Do this:
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/
https://ww3.FreddieMac.com/corporate/
• The program will continue to be available for loans with LTVs above 80 percent.
• Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
What should you do?
I anticipate a significant response to this program. Here's what I recommend:
Once you have determined you have a loan owned by Fannie or Freddie, and you meet the criteria based on the above information, you will need an application on file for us to begin your refinance. The quickest way to start and move forward is to provide me with an on-line application here:
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