HARP 2.0 Things to Know

HARP 2.0 Things to Know

  1. Automated underwriting will determine whether an appraisal is necessary for your refinance.
  2. Make sure you know if your loan is owned by Fannie Mae or Freddie Mac.
  3. The HARP program is for a rate and term refinance of a first lien mortgage amount up to $417,000 only.  You cannot get cash out or combine a first and second loan.
  4. If you have a second mortgage or HELOC it will need to be subordinated.  This means that the second mortgage holder must agree to let you refinance and remain in the second position.  Don’t worry about this now. We take care of the paper work to do this and most second mortgages are allowing it.
  5. The HARP program is available for most Owner Occupied, Second Home, and Investment Properties.  It does not matter how you obtained the property. It only matters what the status of the property is today.
  6. Borrowers must be current on their mortgage and no more than 30 days late on their mortgage in the past twelve months.
  7. If you currently do not have PMI (private mortgage insurance) you will not have it with the new loan either no matter what your LTV (Loan to Value) currently is.

Please call me (Cal – 602.279.7777 x101) or email me at the contact information here on the screen if you have any questions.