Profile picture for Debbie Holmes

Does anyone know when HARP 2 will start?

I am a real estate agent in Boise... Several of my clients (and myself) want to know when Harp2 is going to start.... At first I thought Dec. 15... Then I was told in January... Now they are telling me March.... I advised a client and am feeling a little foolish since we cant apply for the loan yet.  Thanks
  • January 08 2012 - Boise
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Answers (19)

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Profile picture for Mortgage Brothers
Should be March - April 2012 by the time lenders incorporate changes announced by Fannie / Freddie.  The Dec 15th date was the deadline for Fannie / Freddie announcing what they were doing, but loans under the new guidelines can't be done until the lenders doing them (and more importantly buying them in the secondary market) are set up and announce availability to the wider lender community originating loans for sale in the secondary market. 
  • January 08 2012
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The HARP program should be available to certain homeowners who have home loans that are underwater on the weekend of March 17.  
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...yet here I've been doing them since December when it rolled out.
  • March 26 2012
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Profile picture for frankc45
The HARP program should be available to certain homeowners who have home loans that are underwater on the weekend of March 17. Although, the lenders are supposed to be ready understand there may be snags at first so you have to be patient during the process.

I personally think HARP 3 should come available for homeowners who refinanced after 2007 and have had equity declines of 40% or more from the peak of the market.
  • March 26 2012
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I think the president has already done a few hundred.

Shelia, do you mean March 16, 2012? Harp 3 will be out by 2013.
  • March 01 2012
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I have started the application process and was supposed to close on March 6, 2012 with Wells Fargo. I have pushed the closing date, but that was the plan and I have not been told fdifferently.
  • March 01 2012
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but they are the exception to that date. 
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There are more than just those two doing them already.
  • March 01 2012
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I have been told by several lending sources that it is March 16th, 2013.  Some lenders are taking the paperwork and starting the process but cannot close until after that date.  Wells Fargo and Bank of America have already completed their process to do HARP2 for loans they already have inhouse and thus they can do HARP2 already for their borrowers but they are the exception to that date.
  • March 01 2012
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I was referring to the Gators win over Ohio State, again. Go Gators.
  • January 09 2012
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Profile picture for P_Guthmiller

Yeah, too bad about the loss to the Gators.  That's not how we do it here in Texas! :)

  • January 09 2012
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sheeesh, we already went Gators and they WON!
Now it's time to ROLL TIDE, I know it's hard to say cause it took me awhile to say Go Gators and I couldn't bring myself to say War......
  • January 09 2012
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The lenders currently servicing the loans CAN do manual underwriting and approve these loans – if they want to – at this time. 
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Your date is off (Feb), already doing them now (Jan) and yes, it's a bear figuring out the securitization.

Go Gators!
  • January 09 2012
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November 2011 – press release saying HARP II will save homebuyer's billions in interest, stimulate the economy, solve world hunger, and create peace throughout the world.  (OK, maybe it wasn't THAT over the top.)

Later in November 2011 – everyone digest the information, and determines that is mostly hogwash, and that the program really won't be available for a several months.

December 2011 – Some lender spend money on advertising to take advantage of the press release knowing that it is basically a bunch of hogwash, but they can do the HARP I deals that people didn't know they could do, and have the borrower's info for when they can actually do HARP II (see below.)

January 2012 – more and more people notice that the November 2011 press release was political BS.

February 2012 – this is when Fannie & Freddie will begin to figure out how they are going to sell these securities.  This will give us an idea of what rates and fees will be on these programs.  The lenders currently servicing the loans CAN do manual underwriting and approve these loans – if they want to – at this time.

March 15 2012 – this is when the underwriting programs that Fannie and Freddie have that virtually all lenders use to approve agency loans are supposed to be updated to accommodate loans over 125% LTV.

After March 2012 – we'll see what the major investors will add to the mix as overlays.  This is when we'll know just what we can do, and at what rates.

  • January 09 2012
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You need to get on the ballots, you are missing out.

Roll Tide!
  • January 09 2012
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probably, we'll start doing that one around March so that sounds like it'll align with June deliveries.
  • January 09 2012
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Question for Mr President, DU release notes state loans with terms of 15 years or less AND ltv of 105 or higher are not eligible for delivery until June 1, is that true for you too?
  • January 09 2012
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It started December 1st; we started taking applications for it then.
  • January 09 2012
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The program may be available now if you go through your same service. (Refi Plus and Relief) If you are going through a different servicer (DU Refi PLUS or Open Access) you have to wait until March. Fannie is updating DU on March 17th so it will be available then. I am unsure as to the date for LP. 

  • January 08 2012
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From what I hear, it is a program that will have limited lender acceptance since they get dinged on their credit for loans over 100% LTV.  As you know, banks are very gun shy right now so why would they accept these when they have better cleaner loans they are still turning down?
  • January 08 2012
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I am told that Sun Trust Mortgage will start on 1/9/2012.
  • January 08 2012
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