Preferred Loan Type

Property Type
  Property Value
Credit Rating
  Don't know your credit rating?
Click HERE to find out now!
Free Quote

Home Affordable Refinance Program 2.0 Eligibility & Updates

By

How to Determine Eligibility for Home Affordable Refinance Program

As you may have heard, President Obama recently called for additional mortgage assistance programs to alleviate financial stress caused by the housing crisis and refinancing obstacles that have delayed resolutions for millions of homeowners. A few months back the President sent Congress a mandate to streamline the Home Affordable Refinance Program 2.0. The biggest change with the HARP 2.0 is the that there is no longer a loan to value limitation of 125% as specified in the original Home Affordable Refinance. The Federal Government has made sure that underwater borrowers can now get access to refinancing even if their mortgage balance greatly exceeds the property’s appraised value.

If you have a mortgage that is owned by Fannie Mae, Freddie Mac or insured by the Federal Housing Administration then you may be a candidate for this unique refinance mortgage. We encourage you to contact a Nationwide representative to discuss whether or not you are a good candidate for the Home Affordable Refinance. To help you further understand this program and the eligibility requirements to facilitate refinancing we have outlined a few common questions with solutions below.

Question: How do we find out if we are a homeowner that meets the HARP requirements?

Answer: Please visit each of the following links to determine if your borrower is eligible for Fannie Mae, Freddie Mac, or FHA refinance loans under the HARP umbrella:

Fannie Mae: http://www.fanniemae.com/loanlookup/  or you can get answers by telephone at 1-800-7FANNIE.

Freddie Mac: https://ww3.freddiemac.com/corporate/  or contact them by telephone at 1-800-FREDDIE.

Question: Will Nationwide lenders continue to offer the HARP mortgages or loans from the DU “Refi Plus”proigram?

Answer:  Most Nationwide lenders have introduced the HARP 2.0 program. Our loan consultants are well versed on the expanded HARP guidelines to enable high LTV refinancing beyond 125%. Once the proposed changes become effective, Nationwide will quickly update our lending parameters so borrowers can benefit from HARP 2.0.

Question: Does your institution have to be specifically approved to be able to offer the HARP loans?

Answer:  Most of the Nationwide lenders have been approved by Fannie Mae and Freddie Mac, so in most cases we our agents will at least be able to help determine your eligibility with respect to HARP refinancing.

Additional Home Affordable Refinance Resources:

Of course if you have unanswered questions or need help understanding HARP guidelines you can go to the government agencies directly. Make sure that you inquiry about any changes or as the Home Affordable Refinance Program is expanding frequently.  We hope that these links below help you get you closer to a refinancing solution:

FHFA:  http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

Fannie Mae: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/sel1112.pdf

NOTE: All HARP mortgage products need to be accompanied by an AUS approval in order to be eligible for the HARP program. There are specific features of the Home Affordable Refinance that have not been rolled out or for approval yet so contacting these agencies individually may be a good idea depending upon your circumstances. With respect to Nationwide lenders, AUS approval does not necessarily dictate HARP acceptance or commit the loan company to refinancing beyond 100%.

Be Sociable, Share!

Share

1 Comments

1

[…] Debt Consolidation Loans and Relief — Horizon Bank blogBest Mortgage Lender Rates, Low Rate Home Loans, Refinance Loan […]

Leave a Comment