Friday, July 21, 2017

HARP 2.0 Major Features & Benefits:

There is no doubt that most people are skeptical of the new Government Backed refinance program HARP 2.0, but here are some examples of how the revised program is saving New York homeowners money:

  • HARP 2.0 is a Fannie Mae / Freddie Mac streamlined refinance program encompassing condos, co-ops, PUDs, manufactured homes, and other common property types.
  • One to four unit primary residences and investment properties are eligible for the HARP 2.0 refinancing, as well as second homes can qualify for HARP 2.0 if they are just one unit.
  • There is no maximum Loan-to-values “LTV” of the property. Some LTV restrictions will apply relative to history of bankruptcy, foreclosure, DU findings and investor overlays. Subordinate financing is prohibited, which means second mortgages must be re-subordinated.
  • If your current loan has mortgage insurance or PMI, then with HARP 2.0 that amount will not increase regardless of loan to value. The PMI will be transferred to the new lender.
  • All credit scores are considered as determined by DU underwriting.
  • Eligible properties include; single family, two-unit primary residences with high-balance loans, three to four unit primary residences, investment properties, second home and co-ops.
  • Salaried workers may need just one pay stub and verbal verification of employment. Have your last 2 years of tax returns and W’s available, they are requested in most cases.
  • Commissioned or self-employed borrowers should submit one year of federal tax returns.
  • No appraisal requirement – this could save homeowners $400 to $700. *In some circumstances the homeowner may need to pay for an appraisal.
  • Borrowers can be added and removed from mortgage ie: divorce. As long as one of the original borrowers remains on the loan.
  • Refinance costs can be financed into the new loan – No Out Of Pocket Fee’s Required! On Fannie Mae’s program. Freddie Mac will allow a maximum of $5000 closing cost to be rolled into the loan.
  • Because of the streamline nature closings can be executed in 10 to 15 days. Most time frames are 2 to 4 weeks.
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