With recent changes announced in HARP eligibility guidelines (now called HARP 2.0), more and more home owners will now be eligible for a HARP refinance mortgage. Huge changes in the HARP eligibility guidelines is the elimination of the 125% loan-to-value for fixed rate Freddie Mac or Fannie Mae mortgages and the exclusion of appraisals for new properties where there is already a reliable Automated Valuation Model or AVM.
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Some New Guidelines for the Home Affordable Refinance Program: Eligible mortgages must be owned or guaranteed by Freddie Mac or Fannie Mae. (Obama announced that FHA has been added to the HARP) Loan officers must have sold a borrower’s mortgage to Fannie Mae or Freddie Mac on or before May 31, 2009.
Homeowners get more time for HARP refinancing – Homeowners who owe more on their house than it is worth can review the various requirements to qualify for HARP. Go to www.harp.gov. DETROIT FREE PRESS The new refinance program is aimed at borrowers.
Fortunately, HARP 2.0 enables homeowners to go to any lender to refinance, so the mortgage holder is not stymied if the original bank is unwilling to pursue a HARP refinance. Occupancy type. HARP 2.0 refinancing is allowed on all occupancy types: primary residence (owner-occupied), second home, or investment (rental) property. However, HARP 2.0 refinancing of investment properties by Fannie Mae and Freddie Mac has higher mortgage rates than for owner-occupied properties. Appraisal waiver
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To be eligible for an FHA cash-out refinance, borrowers will need at least 15 percent equity in the property based on a new appraisal. A Cash-Out Refinance can be a smart option for many homeowners.
FHFA has confirmed that a new HARP-like program will open up to homeowners starting january 1, 2019. The new program eliminates the requirement that the loan must have been opened on or before May 31, 2009. Instead, the loan note date must be on or after October 1, 2017. This program is designed as a HARP replacement.
The Home Affordable Refinance Program (HARP) is a federal refinance program targeting underwater homeowners. First announced in March 2009, HARP is designed for homeowners who are current on their mortgage payments, but who haven’t been able to refinance because they have limited equity, no equity or negative equity in their homes.