Well we’ve been doing Harp 2.0 loans now for several weeks.  It doesn’t appear alot of banks are going to be onboard and offer this program.  So far there are only a couple of banks who offer the Freddie Mac Harp 2.0 loan.  Fannie Mae loans on the other hand have about a handful of banks who are offering this loan program.  Turn times for both programs are slow.  If you have an expanded loan approval level one through three, you can expect longer turn times to close your loan.  Why?  Because there are only 2-3 banks even offering that product.  Therefore, everyone is using them and...

Freddie Mac is scheduled to update their online system on June 15, 2012.  If you’ve applied for a Freddie Mac Harp 2.0 loan and have been turned down, it might be a good idea to reapply.  Why?  Well the Freddie Mac online system had a lot of problems.  First of all, alot of home values were entered into the system incorrectly.  That in itself would cause an immediate loan denial.  Then, if your credit report showed too many inquiries within the last 90 days that would trigger a denial.  Also, if your credit card balances exceed 50% that would trigger a denial as well.  Apparently, the new...

It is taking up to 60 days to transfer mortgage insurance on Harp 2.0 loans with United Guarantee.  It is so bad that many lenders have decided to exclude United Guaranty which means you can not obtain a Harp 2.0 loan from them if you have mortgage insurance with United Guarantee.  I tried calling United Guaranty myself today.   I was on hold for two hours to check the status of a file.  I finally left a message and hung up only because I was worried my battery on my phone would die out soon.  Now I’m sitting here hoping and praying that someone will call me back.  If you have United...

According to Harp 2.0  guidelines your credit score can’t count against.  However, the items on you credit report do count against you.  On a Fannie Mae DuRefi Plus loan there are 5 levels of approval: Approve/Eligible Expanded Approval Level 1 Expanded Approval Level 2 Expanded Approval Level 3 Expanded Approval Level 4 If you receive a Level 4 approval, your loan will be automatically declined. Not all lenders are willing to lender to borrowers with Expanded Approval Levels.  Some will not lend at all.  Others will lend for Approve/Eligible and Expanded Approval Level 1. There are...

Harp 2.o loans have two different pricing options.  There is a rate for primary residence and a rate for second home or investment homes. Some lenders have then added extra overlays and charge an additional fee based on the borrowers fico score. A  few lenders charge the borrower based on the level of risk from the automated underwriting system.  The higher the level of risk the higher the interest rate. We recommend you use one of our lenders who do not have any additional pricing fees.  What’s the drawback?  Well on the Fannie Mae product we aren’t allowed to lock your loan until we...