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The new HARP 2.0 program guidelines


The new HARP 2.0 program has been revamped and will make it a LOT easier for Fannie Mae and Freddie Mac backed loans to do a refinance starting the 2nd week of March 2012!

New changes:

  • No Maximum Equity caps!  If you are upside down 150% or more there will be no more Laon To Value (LTV) limits!
  • Debt To Loan (DTL) incomes will not be looked at unless your payment goes over 20% of the original loan payment.
  • You do NOT need to use your current lender.
  • You can add a spouse!
  • No hardship letters are needed in most cases.
  • You can not have more them 1 late pay on your mortgage in the past 12 months. 1 late pay is acceptable.
  • You can refinance from a 30 to 1 5 year,  Or from a 30 to a 40 year.
  • Credit score minimums are not necessary unless your payments go ober 20% of your original payments. Then they will look or a 620 credit score!
  • Appraisals are only necessary if your state requires it.  Fannie and Freddie are allowing appraisal waiver in nost areas.
  • You can refinace or change PMI servicers
  • Occupancy type, wether owner occupied or not will be no probelms.
  • Note each lender may have their own guidelines as well.
  • Depending on the kender a bancruptcy may not be a concern.
  • HARP 2.0 ends Decenber 2013.  So you can place yourself in a position to qualify in the future!

 

Click here for the HARP 2.0 Guidelines.

 

I'm not an attorney so please verify this infor with your attorney or with your lender.  If you are looking for a loan officer that has the answers contact Joesmymortgageguy.com and tell him Vicki sent you!