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I was under the impression that the new Harp 2.0 rules allowed up to 150% Loan to Value. When I called Quicken today, they said they are not rolling out the 150% LTV yet. Does anyone know of any lenders who have rolled out this program, or when it will be available? We qualify under the other terms of Harp 2.0 (no missed payments, Fannie Mae loan originated before 2009, good credit and employment history).
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Thank you for all the replies and offers to help. We finally closed on a great loan in September (6 months after we submitted our application). Greg Cowart, the Roseville Loan Guy (Innerwork Mortgage) did a great job pushing our file forward and was always very responsive to our questions. (We attempted unsuccessfully to refi under Harp 2.0 with 3 other lenders prior to posting this question on Zillow.) Thank you Greg!
What Norm says is true. At least for this week it has been. Over the last couple days I've gotten two appraisal waivers through DU for LTVs over 125%. I have been told it is tougher if your current loan is backed by Freddie Mac as they didn't change LP's underwriting algorithm the same way Fannie did, they only changed the max LTV but didn't make any changes to the income/assets/credit part of their underwriting system, so the higher LTV only adds risk without any corresponding easing of the other risk factors. But I know firsthand it is possible with a Fannie-backed loan. Sincerely,Greg
Thank you for all the advice. I did work with someone I know at Wells Fargo yesterday that is working with Harp 2.0 and was sure he could put through out LTV at 145%. I was on the phone with him when the response came in from Fannie Mae saying our combined LTV is too high. We brought it down to 135% and got the same response. All of our other factors meet the requirements, it is just the LTV. It appears that Harp 2.0 isn't really offering an unlimited LTV, or even over the already in place 125%.
We don't have any LTV caps at Waterstone Mortgage.
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There are many lenders that can do these loans today. And, if they don't have3 the program in-house, they should have a wholesale partner or two to broker them to. I know we have been taking applications since late February. Sincerely,GregInnerwork MortgageRoseville, CA
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