Today’s Originations linkfest is focused on the Home low-cost Refinance Program (HARP) that allows underwater property owners to refinance. HARP had been set to expire by the end with this and has now been expanded to run through the end of 2015 year. Pay attention that is particular links by other mortgage banker Dan Green whom writes TheMortgageReports blog—he’s throughout the latest HARP happenings. Additionally here are the 5 Key Questions To Ask Your Loan Officer About HARP Refis, a bit provided for me personally by another other mortgage banker Craig Reynolds.
HARP NEWS UPDATES – Latest Stats on HARP Refi amount (Christina Mlynski, HousingWire)
– Fannie Mae Regulator Extends HARP Refi Program Through 2015 (Clea Benson, Bloomberg)
HARP QUALIFYING RECOMMENDATIONS – HARP Qualifying Checklist – fast guide variation (TheBasisPoint)
– the HARP that is complete Eligibility (Dan Green, TheMortgageReports)
– HARP 3: Proposed HARP Upgrades & whom May Qualify (Dan Green, TheMortgageReports)
HARP REFINANCING: 5 KEY QUESTIONS TO ASK YOUR LOAN OFFICER by Craig Reynolds
Are you currently contemplating HARP refinancing, but are perhaps perhaps not certain that you’re eligible for this home loan program? Have actually you attempted to be eligible for the HARP system without success? If the response is “yes” to either among these concerns, it’s important which you not just become knowledgeable in regards to the Home low-cost Refinance Program (HARP) certification tips, but which you find that loan officer (LO) who’s a whole comprehension of these tips.
HARP was made for property owners who possess been able to remain on top of the mortgage repayments, but that are underwater with a home loan financial obligation this is certainly greater than just just what their house is currently worth. With regards to the situation, the HARP home loan system may function as refinance choice that can help save yourself these home owners – home owners as you – from drowning.
Having said that, to make the most of a HARP loan, you ought to qualify. To find out your eligibility also to be sure you need to ask your LO these 5 very important HARP refinancing questions that you have the right loan officer for the job:
(1) Does HARP refinancing connect with condos or leasing home? Yes, it can be utilized to refinance either an apartment or leasing property. Find a lender or a participating bank in the national nation that may get this take place. Try not to be satisfied with a lender who cannot or will maybe not refinance these properties.
(2) do you want to accept home loan insurance coverage transfers? Your loan officer should accept home loan insurance coverage transfers, whether or not or not you’ve got lender paid home loan insurance coverage (LPMI) or personal home loan insurance coverage (PMI). If they are perhaps maybe maybe not accepted, locate a LO that will accept home loan insurance transfers.
(3) Have you got loan-to-value financing limitations? Some lenders follow aged guidelines and implement a loan-to-value ratio (LTV) limitation of 105%. Nevertheless, the LTV laws for the HARP system have actually changed. You will find only LTV restrictions on loans being much longer when compared to a 30 12 months term as well as on adjustable price mortgages. Besides that, so long while you have a fresh fixed price home loan that is lower than or not than the usual 30 12 months term, you’re not susceptible to restrictions. Consequently, in the event the LTV is with in more than 105%, look for a lender who because access to raised LTVs.
(4) Does my present home loan make me personally a candidate that is eligible HARP refinancing? To look for the reply to this concern, your loan officer should be aware that to be able to qualify, you have to meet the criteria that are following
– Your home loan needs to be fully guaranteed or owned by Fannie Mae or Freddie Mac.
– you really must be present on your own mortgage repayments the past complete year (12 months).
– you must certainly not have previously refinanced underneath the Residence Affordable Refinance Program, unless it absolutely was a HARP loan that took place between March and may also of 2009 and ended up being refinanced by Fannie Mae.
– at the moment, your home loan will need to have a LTV that surpasses 80%
– Your home loan should have been offered to Freddie Mac or Fannie Mae on or just before might 31, 2009.
(5) is definitely a assessment required? an assessment might not be necessary as you might qualify for an assessment waiver. Select an LO whom understands the procedure that is proper entering your details with the Freddie Mac or Fannie Mae automated underwriting systems. This procedure will figure out in the event that you be eligible for an assessment waiver which is a thing that your LO have to do.
Keep consitently the above five concerns at heart once you check out that loan officer to ascertain your HARP refinancing eligibility. Not absolutely all loan providers have actually the understanding that is proper of certification instructions. The homeowner met the program’s guidelines in fact, there have been cases where lenders have created underwriting overlays that caused the homeowner to be denied, when in actuality.
Therefore, when you’re equipped utilizing the right information, you’ll find an expert who’s got the necessary HARP system and you will be in a position to work in your very best passions.
Craig Reynolds is a mortgage that is seasoned veteran with more than 15 years expertise in handling and loan consulting. More information here. ___ Follow The Writers