Monday, February 13, 2012
HARP 2.0 New INFO for Homeowner's Who are Underwater!
Mortgage lender across the company are gearing up for this change and implementing these enhancements. Part of the delay in getting this rolled out is the new LTV requirement allowing up to 125% LTV and some unlimited LTVs to be built into the Fannie Mae (DU) and Freddie Mac (LP) electronic underwriting systems. This is expected to be completed in March 2012.
Some of the basic guidelines are;
1. You must have taken out a loan that is owned by Fannie Mae or Freddie Mac
You can check to see if you loan is owned by either at their easy to use websites
Just fill in your info, it takes about 30 seconds.
2. You must also be current on your mortgage and have NO late payment within the last 6 months
3. You may only have 1 late payment in the past 12 months
I am always available to answer any questions and help you with your financing needs.