How do I know if I can refinance into the new HARP program?

Patience is all is required final details are not out yet loans cannot close before March 31, 2012 stay tuned many investors have yet to decided if they want to lend at those levels. As long as your loan is owned by Fannie Mae or Freddie Mac and originated before May 2009. Better rates would be on loans up to 125% LTV.

Only the generic information has been released. What we are hearing is that there will be no Maximum LTV, the new loan will be based off of the original appraised value. It still needs to be clarified if some sort of appraisal or inspection will be required to make sure the home is still there. We have not heard what the range of rates will be and what kind of income or asset documentation will be required. Although those of us in the industry are anxious to get this program rolling, it appears it will be several more weeks before all of the pieces are in place. Find yourself a local Mortgage Banker/Broker as opposed to one of the big banks, make contact with them so as soon as the program fires up, you can be one of the first in line.

In order for you to take advantage of HARP 2, your current loan has to have been purchased by Fannie Mae or Freddie Mac. They purchase about 50% to 55% of all mortgage loans. Even though these programs were announced by the government and will be ready to go sometime between 3/1 and 4/1 of next year, the lenders still have to agree to do no LTV limit loans. To find out if you have a Fannie or Freddie loan go to the following web sites and fill out the info:Fannie -- http://www.fanniemae.com/loanlookupFreddie -- https://ww3.freddiemac.com/corporateIf neither own your loan, you won't be able to refinance with HARP 2. Your current loan balance may also affect you ability to refinance as well. You should speak with a local mortgage broker to find out what the loan limit is in Polk County.

Harp 2.0 has been released, however the lenders who lend have not come out with the specific details of their product. Contact a local mortgage broker, not a bank and inquire with them.. they will be up to date on the latest news regarding this program.... WilliamAcres.com