I am getting requests from many of you wondering if you qualify for the new HARP 2.0 Refiance Program.

The first question you need to ask is:
Do you have a Fannie Mae or Freddie Mac Loan?
Yes or No

Your next question is probably, how do I know if my mortgage is a Fannie Mae or Freddie Mac Loan?
Check out these web sites or call their toll free numbers:
Fannie Mae  or call    1-800-7FANNIE
Freddie Mac  or call  1-800-FREDDIE

What is your next step?

Remember, this program is for primary residences only and does not include second homes or investment properties.

The expanded HARP program – also referred to as HARP 2.0 – will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.

Lenders are working hard to get this new HARP 2.0 into effect, but each lender may treat the program differently and for this reason, we will be checking each of our investors for the best program for our clients.

The old HARP was a miserable failure because of limitations to the program.  Different parts of the country have been hit differently when it comes to declines in home values.   The new HARP 2.0 is being introduced to hopefully eliminate this disparity and make many more people eligible for refinance.

Stay tuned as this process continues to unfold.  You are certainly welcome to contact us at any time with any questions or concerns, specifically that apply to your situation.