Have you heard about ditech's HARP program? It stands for Home Afforadable Refinance Program. Home Affordable Refinance Program (HARP)Apply Now. To find out, contact your current loan servicer or visit: https: //www. Pages/get- answers- find- out- mortgage. Your existing loan must have been sold to Fannie Mae or Freddie Mac prior to June 1, 2. The Home Affordable Refinance Program Homeowners who find themselves upside down on their mortgages due to the housing meltdown and disappearing home values may find a solution with a. The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater. Features and Benefits. With HARP, a homeowner with a mortgage owned by Fannie Mae or Freddie Mac may be able to refinance into a more affordable mortgage. Help from Home Affordable Refinance Program? By now, most people with home affordable refinance program eligibility have heard of the government home affordable. HOME AFFORDABLE REFINANCE PROGRAM (HARP) Sierra Pacific Mortgage Refinance Products. During the last 1. Your HARP refinance must be approved by Fannie Mae or Freddie Mac's Automated Underwriting System (AUS). If the mortgage being refinanced is currently serviced by another lender/servicer, Aim. Loan requires the application also meet the following underwriting requirements: AUS finding of 'Approve Eligible' (Fannie Mae) or 'Accept Eligible' (Freddie Mac). Minimum FICO score of 6. Home Affordable Refinance Program Harp Wells FargoMaximum Debt- to- Income ratio of 4. Maximum Loan to Value of 1. Property value supported by an Automated Valuation Model. Maximum of one primary residence HARP mortgage and one investment property HARP mortgage through Aim. Loan to any one borrower. Home Affordable Refinance Program (HARP) Guide for Using HARP Consumer Solicitation Materials May 15, 2014. HARP Refinance Program. Benefits of a HARP Refinance Refinancing through HARP offers mortgage holders who. All borrowers on the existing loan must remain on the new HARP refinance (this requirement applies to all Aim. Loan Serviced and Non Serviced HARP Loans). HARP. This is our list of commonly asked questions, with answers from our expert staff. If you are unable to find the answer to your question, please call us at: 8. If I have a first and a second mortgage, do I still qualify? Yes, as long the lender on the second agrees to subordinate their loan to the new first mortgage, thereby remaining in second position. Can I combine my first and second mortgages into one loan? No, the HARP program does not allow you to combine your first and second mortgages into one loan. You are only allowed to pay off your first mortgage. Can I get cash out to pay off debts? No. However, you may add your closing costs to the loan. If your current mortgage is owned by Fannie Mae, there is no limit to the amount of closing costs you may add to your balance. If your current mortgage is owned by Freddie Mac, the maximum closing costs you may add to your balance is limited to 4% of the current balance or $5,0. If I am delinquent on my mortgage, will I still qualify? No. Borrowers who are currently delinquent on their mortgage should contact their current lender/servicer and ask about a loan modification. Will I need mortgage insurance? If your existing loan does not have Private Mortgage Insurance (PMI), it will not be required as part of your HARP refinance either. If your existing loan has PMI, your HARP refinance will also require it. PMI for this program will only be available through your existing PMI company. Aim. Loan is approved to assume PMI policies with the following major PMI companies: Genworth (formerly GEMICO)MGICPMIRadian. RMICTriad. UGIHow long will the HARP program be available? The program expires on. Your refinance transaction must be closed and funded on or before that date. Program Guidelines. Primary Residence. No Cash Out Refinance. Property Type. Max Loan Amount. Max LTV1. Max CLTV2. SFR/Condo. 41. 7,0. UNLIMITED2- Unit. UNLIMITED3- Unit. UNLIMITED4- Unit. UNLIMITEDSecond Home. No Cash Out Refinance. Property Type. Max Loan Amount. Max LTV1. Max CLTV2. SFR/Condo. 41. 7,0. UNLIMITEDNo Cash Out Refinance. Property Type. Max Loan Amount. Max LTV1. Max CLTV2. SFR/Condo. 41. 7,0. UNLIMITED2- Unit. UNLIMITED3- Unit. UNLIMITED4- Unit. UNLIMITEDRisk- Based Add- Ons(Added to Points, All Add- Ons are Cumulative)FICO Score(Loan Terms Greater than 2. FICOLTV8. 0. 0. 1- 8. LTV8. 5. 0. 1- 9. LTV9. 0. 0. 1- 9. LTV*9. 5. 0. 1- 9. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. HARP Refinance(All Loan Terms)FICOLTV8. LTV8. 5. 0. 1- 9. LTV9. 0. 0. 1- 9. LTV*9. 5. 0. 1- 9. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. ALL0. 0. 00. 0. 0. Condo(Loan Terms Greater than 1. FICOLTV8. 0. 0. 1- 8. LTV8. 5. 0. 1- 9. LTV9. 0. 0. 1- 9. LTV*9. 5. 0. 1- 9. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. ALL0. 7. 50. 0. 7. Units(All Loan Terms)FICOLTV8. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. ALL1. 0. 00. 1. 0. Investment Property(All Loan Terms)FICOLTV8. LTV8. 5. 0. 1- 9. LTV9. 0. 0. 1- 9. LTV*9. 5. 0. 1- 9. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. ALL3. 7. 53. 7. 53. No ESCROW/Impounds(All Loan Terms)FICOLTV8. LTV8. 5. 0. 1- 9. LTV9. 0. 0. 1- 9. LTV*9. 5. 0. 1- 9. LTV9. 7. 0. 1- 1. LTV1. 05. 0. 1- 1. ALL0. 2. 50. 2. 5N/AN/AN/AN/ALTV RANGECLTV RANGEFICO < 7. FICO > =7. 20< =7. Any> 9. 5%1. 8. Max Pricing Add- On(Primary Residence)AMMORTIZATION TERMLTV < =8. LTV > 8. 0%< =2. YEARS2. 0. 00. 0. YEARS2. 0. 00. 0. Max Pricing Add- On(Investment Properties & Second Homes)AMMORTIZATION TERMLTV < =8. LTV > 8. 0%< =2. YEARS2. 0. 00. 2. YEARS2. 0. 00. 2. LTV Add- On. LTV RANGEADD TO RATE0- 8. Notes: (1)! Because 3. An ! You pay a lower rate and build equity faster than you would with a longer term program. The monthly payments are higher, but the savings over the life of the loan are considerable. The shortest term we offer, this program offers slightly better pricing than a 1.
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