Friday, July 21, 2017

Guidelines for HARP 2.0

The purpose of HARP 2.0 is to provide existing Fannie Mae / Freddie Mac mortgage loans substantially looser qualifications standards, but the Fannie Mae / Freddie Mac refinancing program does have some guidelines that may restrict some homeowners.

Here are the key refinancing guidelines.

  • Cash-out refinancing, debt consolidation as well as mortgage consolidation is not allowed, the borrower can roll in closing costs on the Fannie Mae but only $5000 on the Freddie Mac program…and…cannot receive more than $250 at closing.
  • HARP 2.0 applicants do NOT have to be re-qualified on an income basis as long as their new payment doesn’t increase by 20% (ie; as in reducing number of years to pay off faster may increase monthly payment).
  • There are NO income restrictions (you cannot earn too much)
  • New subordinate financing is prohibited.
  • All existing subordinations must be re-subordinated.
  • Paying off existing subordinate financing is not allowed from the loan proceeds. You may pay off any existing liens at any time you like.
  • HARP 2.0 - Fannie Mae / Freddie Mac refinancing program does not allow Interest-only mortgages, Balloon mortgages or Adjustable Rate mortgages.
  • Current mortgage must be paid on-time for the prior 6 months, and at least 11of the most recent 12 months.
  • Your mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009.
  • You can only use the HARP program 1 time per house.
  • My Community Mortgage (MCM) mortgages are not eligible.
  • HomeStyle Renovation mortgages are will not be approved for refinancing
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