With the recent HARP changes in March, it looks as though the demand for this product has been extremely high, and that is no surprise at all. With markets like Flordia, Las Vegas and Arizona underwater by as much as 500%, Fannie Mae and Freddie Mac have finally come together to help these ailing homeowners who have been holding on for the last 5 years with no life raft until now.
The following are the major changes that have taken place since last month, and have truly opened up the flood gates for this failing government program, which originally came out in 2009. The reason I say failing, is that the percentage of homeowners it actually helped is miniscule, to what is actually doing now.
The government put a little band aid on a problem that needed open heart surgery. The following are the major changes that HARP has finally addressed.
Property Inspection Waivers
Limited Documentation for Underwriting
Bankruptcy Seasoning Reduced – Manual Underwrite Only
All MI is transferable, all LPMI is transferable
Higher DTIs are accepted. As high as 60%
Second Homes, Investment Properties OK
If you are anyone you know has any questions on this program, please send me an email at email@example.com
to discuss, or call me at 720-524-3215