Each new mortage program geared toward helping home owners almost always appear to be wonderful and even encouraging to those struggling or who are underwater at first. But the problems with these programs are all the same, the only help a handful of home owners. The majority of trouble mortgages do not fall under their guidelines.
Read the specifics to the The Harp Deal below to find out if you qualify. It is a great article because it does the explain the details of the Harp Deal. Written by Kevin Kueneke, Mortgage Loan Specialist from San Diego, CA.
If you need additional information on your Reno or Sparks, Nevada home, the short sale process, please call me so we can discuss your options.
We are finally getting more specifics regarding The HARP Deal, the most recent version of the Fannie Mae and Freddie Mac refinance program. Fannie's version of The HARP Deal is called the DU Refi Plus. Freddie's version of The HARP Deal is called LP Open Access.
Here are some of the details:
INELIGIBLE LOANS FOR THE HARP DEAL:
- any loan currently in default
- existing loan delivered to Fannie or Freddie on or after 6/01/2009
- government loans
- reverse mortgages
- not a 1st lien
MAXIMUM LTV AND LOAN AMOUNT FOR THE HARP DEAL:
- LTV and CLTV is unlimited for all Occupancies and all Property Types
- Loan amounts are Conforming and High Balance Conforming
- Loan purpose is Rate and Term Refinance only; loan amount can include pre-paids and closing costs
ELIGIBLE OCCUPANCY AND PROPERTY TYPE FOR THE HARP DEAL:
- primary residence
- second home
- non-owner occupied
- 1-4 units
- condos, PUDs, manufactured homes
NUMBER OF FINANCED PROPERTIES FOR THE HARP DEAL:
- DU - no limit
- LP - no limit if loan is primary residence, max 4 properties if loan is 2nd home or investment property
NO MINIMUM CREDIT SCORE IS REQUIRED FOR THE HARP DEAL!
MORTGAGE HISTORY FOR THE HARP DEAL:
- DU - must be current
- LP - 0x30 in last 6 months, 1x30 OK in last 7-12 months
The HARP Deal is only for mortgage loans owned by Fannie Mae or Freddie Mac. To see if your mortgage may be eligible for The HARP Deal, check these two sites first:
Fannie Mae HARP Deal lookup: www.fanniemae.com/loanlookup/
Freddir Mac HARP Deal lookup: www.freddiemac.com/mymortgage
More information to follow for The HARP Deal, but this is a great start. Contact Kevin Kueneke today to see if you may be eligible for The HARP Deal: www.kevink.amerifirst.us
Kevin Kueneke, NMLS # 284800FHA Mortgage Loan Specialist/VA Mortgage Loan Specialist
Direct Lender, Mortgage Banker
AmeriFirst Financial, Inc.
12544 High Bluff, Suite 100 | San Diego | CA | 92130
Phone 760-500-1919 | Fax 619-419-2324kevink.amerifirst.us | kevink@AmeriFirst.us
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