Archive for November, 2011

*** Underwater on your mortgage? GOOD NEWS… HARP “2.0” to roll out 11/15/2011!


The specifics of the changes are not yet clear however…

First, you need to know if your loan is Fannie Mae or Freddie Mac owned (ONLY eligible on loans originated 5/2009 or prior).  You can find out by going to these links:

Take note of which entity you determine currently owns your loan.  Your loan officer will need this.

Second, it is pretty clear that the new roll out will have NO RESTRICTION as to appraised value! I know! I was excited too! This means, regardless of your value, if Fannie Mae or Freddie Mac own your loan and if you qualify, you can refinance!

With rates at historic levels, this will bring out the masses so be prepared!  Find out who owns your loan and have the following items ready:
Paystubs for the last 30 days

Statements for ALL asset accounts (all pages)

2010/2009 W2s

Mortgage coupon/statement for your current mortgage

2 forms of ID for all borrowers.

Currently, the HARP loan requires you refinance ONLY the way you originated the loan (for example, if it was owner occupied when you got the current loan, you can ONLY refinance if the property is still your primary residence)  I do not know if this requirement will change.

The changes are expected to roll out on 11/15/2011 for December 1 submissions.   I will advise on Monday 11/15 about the changes.  Stay tuned!

Having a dream is good, owning one is better!


Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!




NMLS #162494

AZDFI Loan Officer # LO-0911453

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