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.
Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926
808-637-0011
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