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Answers (5)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3423
The finalization Mark refers to is to allow borrowers to refinance outside of their existing lender. Dec 1 availability is restricted to same servicer only. This doesn't help borrowers with servicers that do not originate loans, or that want to have flexibility to get estimates from more than one source.
- Tug of War
- Contributions:1947
Fannie Mae..Dec. 20, 2011 HARP FAQ....
Guide Announcement SEL-2011-12.
FHFA Announcement
Guide Announcement SEL-2011-12.
FHFA Announcement
Home Affordable Refinance Program (HARP) Enhancements
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Details are...
1. no LTV cap (loan to value)
2. no credit score minimum
3. no DTI cap (debt to income ratio)
4. no mortgage late payments (30+ days) in last 6 months and no more than 1 in the 6 months previous to the last 6 months.
and of course loan must be eligible Fannie or Freddie loan (same as old HARP).
I'm not sure what else there is to "finalize" so hopefully Mark can expand on that, the eligibility started with applications taken December 1st, 2011 or later.
cool program, I have applications closing with LTVs over 200%.
1. no LTV cap (loan to value)
2. no credit score minimum
3. no DTI cap (debt to income ratio)
4. no mortgage late payments (30+ days) in last 6 months and no more than 1 in the 6 months previous to the last 6 months.
and of course loan must be eligible Fannie or Freddie loan (same as old HARP).
I'm not sure what else there is to "finalize" so hopefully Mark can expand on that, the eligibility started with applications taken December 1st, 2011 or later.
cool program, I have applications closing with LTVs over 200%.
- Mark Anderson, "MarkAndersonMortgage"
- Contributions:12
We are all waiting on details right now. HARP 2 has definitely not been finalized quite yet.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
it started December 1, 2011.
Heard that there is a HARP2 program starting with different guidelines. Anyone know when the program
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