HARP UPDATE

 FOR UPSIDE DOWN BORROWERS!

 

Arizona Wholesale Mortgage Inc. is currently  doing both the Fannie Mae DU Refi Plus and the Freddie Mac LP Relief Refi for borrowers who are currently upside down on your home mortgage loan.

The first step is to determine whether your home loan is being serviced by

Fannie Mae  or  Freddie Mac

http://www.fanniemae.com/loanlookup/                            http://www.freddiemac.com/mymortgage/

If your home address is found on the Fannie Mae website than your loan is currently being serviced by Fannie Mae and you 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 qualify under the LP Relief Refinance.

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.

 

QUALIFICATION FOR THIS 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 DU REFI PLUS & 0-30 DAY LATES ON THE LP RELIEF REFI.

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. YOUR ORIGINAL MORTGAGE LOAN NEEDED TO CLOSE ON OR BEFORE MAY 31ST 2009 TO QUALIFY.

MI QUESTIONS:
As of today January 10, 2012 the current MI company has supposedly agreed to transfer MI certificates over to the new lender. All MI monthly payments are to remain the same amount. However, this could vary well change at any moment.

At this point in time an appraisal is not required.

Interest rate is based on your fico scores.

Call Arizona Wholesale Mortgage Inc. for more information.  Don’t delay.  GET YOUR APPLICATIONS IN NOW!