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New HARP II

New HARP II Program

(Homeowner's Affordable Refinance Program)

Effective March 17, 2012  (2nd revision)

Loans serviced by either Fannie Mae or Freddie Mac and have a securitization date prior to JUNE 1, 2009. Must have closed as a Conventional Loan.

Must be current on your mortgage. Must be paid on time for the prior 6 months, and at least 11 of the most recent 12 months. Mortgage sold to Fannie or Freddie prior to June 1, 2009, and you may not have used the HARP mortgage program prior - only 1 HARP refinance allowed!   

Mortgage Rates for the HARP mortgage program are the same as for a "traditional" refinance. There is no "premium" for using the HARP program.

The HARP program is NOT DESIGNED to delay, or stop, foreclosures. It is meant to give a homeowner who is current on their mortgage, and who has lost home equity, a chance at today's low mortgage rates.

No Loan to Value restriction for a HARP loan, regardless of how far underwater. You can have 300% loan to value and STILL be HARP - eligible. The HARP program is NOW unlimited LTV for FIXED RATE LOANS with a 30 Year term or less. If you use an ARM for HARP 2.0, you are limited to 105% LTV. ONLY FIXED RATE LOANS GET THE UNLIMITED LTV TREATMENT.

Although your home's value does not matter for the HARP mortgage program, lenders will run what's called an "automated valuation model" (AVM) on your home. If the value meets reliability standards, no physical appraisal will be required; however, the lender may choose to commission a physical appraisal anyway - just to make sure your home is "standing".

Loans with 20% down initially will not be required to have PMI (Private Mortgage Insurance) even with value underwater. If your loan has current PMI, your PMI payments will not increase: however, your mortgage insurance policy may require an extra step. Remind the lender that you are paying PMI to help the refinance process move more smoothly.

You can utilize the HARP program if your current loan HAS PMI or even Lender Paid Mortgage Insurance (LPMI) making sure the new mortgage carries, at minimum, the same amount of coverage.

Maximum Mortgages limited to your area's conforming loan limits usually being $417,000 in Illinois.

No Cash Out.

Condos, Second / Vacation Home,  Rental-Investment Home, acceptable to HARP 2.0.

HARP 2.0 is meant for 1st liens only. Second liens are meant to subordinate. You will replace your 1st Mortgage and the 2nd Mortgage will remain as is.

Closing Costs can be "Rolled" into the new mortgage balance, but may not exceed the local conforming loan limits.

The revised HARP 2.0 Loan close program expires January 1, 2014. You must  on your mortgage prior to that date. It is a terrific program! Time is a wasting. Refinance TODAY and make a difference in a Veteran's Life.

Note: Each End Investor (Servicer) has their own Overlays they impose on the HARP 2.0 program and may require modifications to this program to comply to their underwriting criteria. These can differ from Lender to Lender affecting Rates & Costs. AFMSI will attempt to match your needs to the various Servicer's requirements for optimum results.  


    

 

 

 

 

 

 

 

 

 

 

 

 

Brent Pentzien, Mortgage Loan Originator NMLS #271853
American Fidelity Mortgage Services, Inc.
4200 Commerce Court, Suite 200, Lisle, IL  60532
Direct:  (630) 908-7347
Fax:  (877) 885-8521
bpentzien@afmsi.com
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NMLS# 179785
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In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
100 W. Randolph Street, 9th Floor, Chicago, IL 60601
Phone: (888) 473-4858
Fax: (312) 793-7097
Web: www.idfpr.com
Toll Free Consumer Hot Line: (877)-793-3470

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