Great news for homeowners who want to save money on their monthly mortgage payment but, could not qualify for a refinance because of appraised value, income or debt.
Now you may be able to take advantage of the lower interest rates with the new HARP 2.0, Home Affordable Refinance Program. This is an old program that was not very successful in the past. However, new guidelines went into effect February 6th, 2012, which will help a lot of people to get out of high interest rate mortgages and save a lot of money every month.
Very few lenders are advertising this program. Below is contact information for the #2 Wells Fargo Loan Officer in the country. Please let Eric know I referred you and call me with any questions.
Here Are The Highlights of the New HARP 2.0 Program:
- Available to anyone with a Conventional Fannie Mae or Freddie Mac mortgage. (FHA and VA have their own streamline process)
- Jumbo loans, FHA and VA loans do not qualify, at this time, under HARP 2.0
- Borrowers will now be able to refinance regardless of how far their homes have fallen in value.
- Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
- No minimum credit score- this is the best feature for our area.
- No Debt to income ratio requirements-basically if you can pay your mortgage now, we wont let your DTI stop you from refinancing your loan- huge plus for Self Employed.
- Mortgage History can have a 30 day late payment in the last 12 months and still qualify.
- Available for Owner Occupied, Non Owner Occupied, and Second Homes.
- No Restriction on Occupancy change from original closing regardless of loan to value. This is a huge improvement over HARP 1.
- No Limit on number of financed properties. An investors dream.
- No Restrictions on financing properties listed for sale.
- Modified fees – Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
- To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac. You may “look up” your mortgage on these websites. To check Fannie Mae click here or to check Freddie Mac click here.
To find out more information contact Eric Smith at Wells Fargo. His number is 919.841.5332 or you can visit his website: http://bit.ly/easymortgages