Last November I blogged about HARP 2.0 and we are seeing some movement. I spoke with a friend of mine this morning (Larry L) and he is actively working with a lender to try and benefit from the HARP 2.0 program...we shall see what transpires with his efforts. He originally went to Bank of America and they were offering him an interest rate around 5%, so he went to a mortgage broker here in town and she thought perhaps an interest rate is doable in the low 4's - I told him to keep me posted.Larry meets the criteria for the HARP 2.0 refinance program and it is in the process of becoming widely available to homeowners under water with their mortgage. There is hope for some relief to those who are current on their home loan, but have been unable
to refinance into today's historically low mortgage rates because of their negative equity status.
The full implementation of the revamped HARP 2.0 program, which was initially announced by President Obama in late October 2011, has taken several months to come to fruition. What we have seen in recent months is that it is available on a manual basis and limited to just the homeowner's current servicer, but as we see with Larry, a series of changes have taken place and he was able to shop for his refi provider, one that is offering him what he wants. The computerized version of the program has undergone a dramatic increase to accommodate the volume and provide speed to get the applications processed.
To be eligible for a HARP refinance, you can either use this HARP eligibility calculator with detailed eligibility explanations or follow the general guidelines below:
1. Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac. If you are unsure, you can check both Fannie Mae and Freddie Mac's websites or you can call their toll-free numbers for confirmation.
Fannie Mae: http://www.fanniemae.com/loanlookup/ 1-800-7FANNIE (8 am to 8 pm ET)
Freddie Mac: https://ww3.freddiemac.com/corporate/ 1-800-FREDDIE (8 am to 8 pm ET)
2. You must have closed your current loan on or before May 31, 2009.
3. You must not have made a late payment within the past six months and have had no more than one late payment within the past 12 months.
4. Your loan must fall under the current conforming loan limits. If you are unsure, you can find out here: http://themortgagereports.com/loan-limits/
If you meet the guidelines, what's next?
Give Sandra Arrington of Wells Fargo Home Mortgage a call, she is knowledgeable in the process and is active with the HARP 2.0 program. Tel (702) 868-3925 | Cell (702) 379-485
Sandy Arrington -
Mortgage Consultant
NMLS ID 404784
Wells Fargo Home Mortgage
MAC S3734-021
Tel (702) 868-3925 | Cell (702) 379-4856 | Fax (866) 619-5513
Sandra.Arrington@wellsfargo.com
www.wfhm.com/loans/sandra-arrington1
Your current servicer should be able to tell you if your loan qualifies
for a HARP refinance and can help you apply for it. However, just like a
regular mortgage program, it makes sense to shop around and compare
rates, fees and lender service levels.HARP Program-specific contact information for major mortgage servicers with whom you already have a mortgage. (Not for new loans or shopping for a new servicer):
Bank of America: 1-800-846-2222
Wells Fargo: 1-877-937-9357
Chase: 1-800-848-9136
Citi: 1-800-283-7918
US Bank: 1-866-932-0462
Kim Duclos CRS ABR GRI
Wardley Real Estate
(702) 521-3939 Direct
(888) 949-2890 Toll Free
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