Tag Archives: Fannie Mae
Check Your Potential Eligibility for HARP 2.0 Refinance

Many folks call to ask what is a HARP 2

0 all about

The Answer:
The Home Affordable Refinance Program (HARP) is a program designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value

Our term for this is called “underwater

”   Continue reading

Delaware Home Owners Using HARP 2.0 for Refinances

harp 2.0, delaware, FHFADid you know that In July 2012, that over 28% of all closed mortgage refinances in Delaware were done through the HARP 2.0 program.  The HARP 2.0 program has gotten a lot of press alerting more and more Delaware homeowners that they can may qualify for the HARP 2.0 refinance, if their mortgage is a  Fannie Mae or Freddie Mac insured mortgage.

Below are the links to Fannie Mae and Freddi Mac for you to check to see if you’re loan is secured by either:

To check if your mortgage is backed by Fannie Mae,
visit http://www.fanniemae.com/loanlookup/.

If your mortgage is not found to be a Fannie Mae, try Freddie Mac’s loan lookup at
https://ww3.freddiemac.com/corporate/
.

The number of refinances in Delaware in July exceeded 1000 according to the Federal Housing Finance Agency, and of those almost 1/3 were HARP 2.0 loans. Delaware homeowners are fortunate that we have not seen the dramatic downturn in home values, as has been experienced in other parts of the country.  There were quite a few HARP 2.0 loans were given to people with a loan-to-value ratio below 105%, but the majority were given to folks who were significantly underwater in their homes,  Underwater means they had mortgages larger than the value of their house. 

Will the HARP 2.0 program  be around forever?  No! if you have a Fannie Mae or Freddie Mac insured mortgage (sold to Fannie or Freddie prior to June 1, 2009) and is current for at least the last 6 months, you may qualify for the program.

The HARP 2.0 program is constantly changing, as lender continue to tweak their programs based on new incentives and mandate by the government.  This means that you might qualify now compared to a year ago.  So, it doesn’t hurt to check again.  You really have nothing to lose and everything to gain.  

Delawareans, the news could not be better. 

 

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HARP 2.0- Refinancing Boom Continue Record Pace

untitledFixed mortgage rates have hit new lows for three straight weeks, fueling a sustainable refinancing wave.

The Home Affordable Refinance Program, now dubbed HARP 2.0, has drawn half a million applications as of the last report by U.S. housing officials, who could see up to 2 million refinance applications through the revamped program that launched unofficially in March.

The Mortgage Bankers Association said that HARP 2.0 accounted for 28 percent of refinance applications last week.

The biggest jumps in refinance applications have take place in states with the highest rates of underwater homeowners, those who owe more on their mortgages than the worth of their homes. Refinance applications in Nevada, where 61 percent of borrowers are underwater, have jumped 267 percent since the new HARP guidelines were announced late last year.

Under the original HARP 1.0, lenders refinanced more than 1.1 million mortgages owned or guaranteed by Freddie Mac or Fannie  Mae since the program’s launch in 2009. But only slightly more than 110,000 affected underwater borrowers with loan-to-value (LTV) ratios above 105 percent.

The focus of the expanded HARP 2.0 is homeowners current on their payments, but who owe much more on their mortgages than their homes are worth. The new HARP eliminates the LTV ceiling, reduces certain risk-based guarantee fees, and extends the program’s end date to December 2013.

We’ve found that the scope of the HARP 2.0 program will vary by investor.  We can sift through these hurdles for you to try to find the right underwriting guidelines to get your mortgage approved. We’re helping Delawareans refinance and save everyday!

Nonetheless, the refinance share of mortgage activity last week increased to 74.9 percent of total applications from 72.1 percent the previous week, reported the Mortgage Bankers Association.

 

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