The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value. This program has been expanded to include second homes and investment properties.
Allow unlimited LTV ratios on the new loans and additional underwriting flexibilities (loans with LTVs of >105.01% are limited to fully amortizing fixed-rate mortgages with a maximum term of 30 years). This loan program is stable and encouraged to provide borrowers who have interest only or adjustable rate mortgage to refinance into a more stable loan product. HARP also provides a solution for borrowers with LTVs above 80% who currently may not be able to refinance because of mortgage insurance (MI) coverage requirements:
There is not a limit to CLTV or HCLTV for existing subordinate financing. All existing subordinate financing must be resubordinated by the current lienholder without regard to any limit on CLTV or HCLTV. Note, however, that the lender must calculate the CLTV for the new loan and provide it to Fannie Mae.
Another great feature of the HARP program is MOST about 90% of submissions are receiving a waiver for the appraisal meaning no current evaluation is needed for your new HARP loan.
If you would like more information on HARP please contact me. 808-637-0011 or to apply go directly to; www.roxyloans.com once you have filled out the application I’ll contact you to get started.
To see if your current loan is a Fannie Mae or Freddie Mac click on the links and look up your loan, it's fast and easy to do.
ACMC Loan Consultant