HARP 2.0 Finally Starting To Take Shape and HELP Underwater HomeOwners

April 18, 2012
Brian Quigley

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 Florida, 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 small, 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.

  • Unlimited LTV
  • 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 call me at 720-524-3215 or contact me today!

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Brian Quigley - Mortgage Broker in Denver, CO
Hello, my name is Brian Quigley and I have been a mortgage broker in Denver, CO since 2003. I have been fortunate enough to choose this very rewarding mortgage broker career and help thousands of borrowers over the years. Customer satisfaction is important to me most, and getting my clients to the closing table smoothly. I am proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Construction loans, and FHA 203K loans.

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