HARP changes for Fannie Mae and Freddie Mac owned mortgages will help Arizona Homeowners
Revised HARP guidelines for Fannie Mae and Freddie Mac owned mortgages will help Arizona Homeowners
Great News Today in regard to revised HARP guidelines. Coming soon to all underwater mortgage borrowers in Arizona. If you have an Arizona mortgage that was originated and sold to Fannie Mae and Freddie Mac before May 31 2009, you will be eligible for the new Home Affordable Refinance Program (HARP). The original HARP program was limited to borrowers who had a loan to value of 125% or below. Many homeowners have loan to values above 125% and have been unable to take advantage of the low interest rates in the market. Arizona, Nevada, and Florida will benefit the most from these changes to the program since these states have seen the greatest depreciation in home values throughout the country since 2007.
Go to http://www.fanniemae.com/loanlookup/to see if Fannie Mae owns your note. Go to https://www.freddiemac.com/corporate/ to see if Freddie Mac owns your note.
Click here to read the Fannie Mae and Freddie Mac announcement
Benefits of the new HARP changes will include:
- There will be NO risk based fees for borrowers who want to lower their loan term
- Fees will be lowered in general
- The 125% loan to value maximum has been thrown out. There is no maximum loan to value .
- No appraisal will be required if a reliable automated valuation model (AVM) is available. Note, the value is not a determining factor, rather the qualify of the valuation is what would determine if an appraisal is needed.
- Borrowers who reduce their loan term will receive lower fees
- Lenders who fund HARP refinances will not have to commit to special representations and warranties that have typically made lenders hesitant to work with HARP
- The end date for HARP has been extended to December 31, 2013
Requirements
- Your mortgage must have been originated and sold to Fannie Mae and Freddie Mac before May 31 2009
- Borrower need to fully qualify based on acceptable income and assets
- No late mortgage payments in the last 6 months & only 1 late allowed within the last 12 months
October 24, 2011 by Eddie Knoell · 1 Comment
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