In my humble opinion, the answer is yes. I take Colorado mortgage refinance applications every single day on this particular kind of loan, and I consider myself an advocate in helping my clients get the answers they need, and more importantly, lining them up with the correct mortage lender for their specific HARP 2.0 refinance. Your probably nodding your head right now in disbelief, as you have tried to refinance in the past, and were not able, while everyone else seemed to. With HARP 2.0, it does not have to be this way…
Here are some of the basics before proceeding with a HARP 2.0 Loan. Also note, that on MARCH 15th, 2012, Fannie Mae is pulling the Loan To Value Restriction to unlimited, so many homeowners who have tried to refinance, but were above 125% LTV, now your prayers will be answered. With some homeowners with rates as high as 9% on there first mortgage, they will have PAYMENT RELIEF with a HARP 2.0 with rates as low as 4.25%!
Some quick factoids for you to know.
1. It is okay to have mortgage insurance or lender paid mortgage on your first mortgage lien. Many lenders say that is not true, and that is simply because they do not work with many different lenders like I do.
2. You need to have purchased or refinanced prior to May 31, 2009
3. You cannot have any mortgage late fess in the last 12 months, and of course, be current on your mortgage.
4. If our approval gives you a PIW, or Property Inspection Waiver, we do not need an appraisal, unless of course, we are subordinating a 2nd mortgage, and they want one.
5. You will need to fully qualify with a good debt to income ratio, and have at least a 620 FICO score.
To check to see if Fannie Mae owns your loan
To check to see if Freddie Mac owns your loan
When you find a match on either Freddie or Fannie, you should are eligible for a HARP 2.0 refinance. At that point, please call me at 720-524-3215 so I can better assist you in getting you a HARP 2.0 Loan TODAY.
If you do not find a match, please call me anyway, as I am creating files for everyone that is not being assisted with HARP 2.0. I anticipate a lot of program changes throughout the year to address the housing crisis, so that we can move forward to get our economy back!