Arizona Wholesale Mortgage Inc. is currently offering Harp 2.0 for both the Fannie Mae DU Refi Plus and the Freddie Mac LP Relief Refi for borrowers who are currently upside down on their home mortgage loan.
The first step is to determine whether your home loan is being serviced by
Fannie Mae or Freddie Mac
If your home address is found on the Fannie Mae website than your loan is currently being serviced by Fannie Mae and you may qualify under the Fannie Mae Du Refi Plus program.
If your home address is found on the Freddie Mac website than your loan is currently being serviced by Freddie Mac and you may qualify under the LP Relief Refinance.
Next Step: Did your current mortgage close on or before May 31, 2009? If you answered yes than you qualify.
What if you can’t find your home listed on either one of these websites?
If your current mortgage is an fha loan, you can always refinance as an fha streamline without an appraisal.
If your current loan is either serviced by a private investor or is a jumbo loan, then unfortunately at this time you do not qualify. However, Harp 3.0 is expexted to be rolled out the summer of 2013. Therefore, keep checking back for more details. If your home is financed by the VA you can do a VA streamline loan.
QUALIFICATION FOR THE HARP 2.0 LOAN UNLIMITED LOAN TO VALUE RATIO LOAN:
1. YOU MUST BE CONTINUOUSLY EMPLOYED FOR THE LAST 2 YEARS.
2. YOU CAN NOT HAVE ANY 0-60 DAY MORTGAGE LATES ON A FANNIE MAE & 0-30 DAY LATES ON THE FREDDIE MAC. 1 LATE PAYMENT CAN OCCUR BETWEEN THE 7TH-12TH PAYMENT ON THE FREDDIE MAC PROGRAM.
3. YOU CAN REFINANCE ANY TYPE OF RESIDENCE: PRIMARY,SECOND HOME, OR INVESTMENT HOME.
4. IF YOU HAVE A SECOND MORTGAGE, IT WILL NEED TO BE RESUBORDINATED & YOU WILL BE REQUIRED TO PAY THE SUBORDINATION FEE. THIS AMOUNT CAN NOT BE ROLLED INTO YOUR LOAN. HOW MUCH DOES THE SUBORDINATION COST? YOU WILL NEED TO CALL YOUR LENDER TO FIND OUT.
5. YOU CAN REFINANCE MANUFACTURED HOMES, TOWNHOMES, SINGLE FAMILY RESIDENCE, AND CONDOS.
6. ON FREDDIE MAC LOANS, YOUR AVAILABLE BALANCE VERSUS YOUR CREDIT LIMIT CAN’T EXCEED 50%. YOUR DEBT TO INCOME RATIO CAN’T EXCEED 45%. RATES ON FREDDIE MAC AVERAGE .125 TO .250 HIGHER THAN FANNIE MAE LOANS.
7. WE CAN TRANSFER MORTGAGE INSURANCE WITH ANY COMMPANY.
Harp 2.0 INTEREST RATES:
There are only two Harp 2.0 rates for these programs. The first rate is for a primary residence. The second rate is for second homes & investment homes.
Call Arizona Wholesale Mortgage Inc. for more information 602-358-8717.