Mortgage Lenders News

HARPs New Guidelines for Homeowners to Refinance

The Federal Government has issued a new program in which homeowners who owe more than their home's value can now. For details on Harp Loan refinancing call Enrique Braunschweiger at 760-488-6482.. Here are a few guidelines.

Under the company’s Relief Refinance Mortgage Program which includes the home affordable refinance program (HARP 2.0) the requirements for refinancing. "Once implemented the changes will give.

Find out what a HARP loan is and how it might be right for you.. to clear, you'll also have better guidance than homeowners on their own. Bypass appraisal. Unlike homeowners refinancing without the help of HARP, you might even be able. You can prove you're able to make your new payments and that refinancing will.

But Natalie Brown, spokeswoman for the Wells fargo home equity Group, says her bank is reviewing the guidelines to determine if it will automatically agree to take second place behind the new HARP.

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The LTV for the new mortgage must exceed the maximum LTV limit for a Freddie Mac No Cash-out Refinance Mortgage. At least 12 monthly payments must have been made on the mortgage being refinanced since.

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The new high LTV streamlined refinance offering is more targeted than HARP but as with HARP, eligible borrowers are not subject to a minimum credit score, there is no maximum debt-to-income ratio or maximum LTV, and an appraisal often will not be required.

Homeowners cannot have refinanced under the original harp. harp 2.0, the borrower will not be required to take out a new PMI policy.

HARP 2.0 differs significantly. in accordance with the program guidelines. These program changes are expected to help lenders reach a previously untapped population of American homeowners, allowing.

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With the Home Affordable. a HARP refinance will not be eligible to refinance under a new high-LTV program,” Watt said. “When we conclude our outreach, the enterprises will publish an announcement.

New HARP Guidelines: What You Need to Know. If the fixed-rate loan is in the range of 30 to 40 years, the maximum LTV is 105 percent. For adjustable-rate loans, the maximum LTV is also 105 percent with an initial fixed period of five years or more. The new guidelines also allow borrowers to refinance from a 30-year mortgage to a shorter-term loan.