Interest rate based on LTV rate with new Harp 2 program

It depends on who the investor is, Fannie or Freddie. Please call me in Fort Lauderdale because we can provide you with the without appraisal charges if a Fannie or Freddie product. Steve McWilliam 954-449-1767.

You are absolutely right, and that's what you get for going directly to one of the big banks. HARP 2.0 is not yet up and running, so they didn't bother to tell you to wait. Mid-March we should see the HARP 2.0 guidelines officially released and then you won't have to have an appraisal. I always advise that you contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

HARP 2 specific guidelines have not been entirely implemented. What Stephen and Bert have said is valid. The other factor is what type of mortgage you presently have. Based on your question we all assume that's it's owned by FNMA or Freddie. You need to talk to a professional who can provide you with correct information that you require. It's difficult for the retail/corner bank to provide such. I am located in Fort Myers. Don't hesitate to stop in. 8695 College Pkwy. Suite 2500. 239-936-4232.

Hi, Harp 2 is scheduled to go LIVE on March 15th, as Fannie and Freddie expect to update the AUS(Automated Underwriting System) by then, as the system currently doesn't allow for LTV's greater than 125%. The AUS system guarantee's the approvals granted so the mortgage broker's, banks or wholesale lenders can moved forward underwriting the file to get to a closing. The only way Harp 2 can be implemented now is by doing a manual underwrite which 99.9% of lenders will not do, they might say they will try to qualify you now, but at the of the day banks will string you along until the AUS is updated and they get a Fannie/Freddie approval in their hands. So in your case, they are not using HARP 2 yet, they are trying to go conventional and get you committed, and hope you will wait till after March 15th when they can REALLY run your file thru AUS.As far as rates hit's under HARP 2 the maximum adjustment of LLPA"s (loan level pricing adjustments) is .75 drastically down from 2 point hit under Harp 1, a .75 hit equates to approx 1/8th higher in rate so instead of 3.625 you will end up if maxed out with a rate of 3.75 as a ballpark, rates could be higher or lower or the same come March 15th, we will shop 15 wholesale lenders/banks at one time and search for the best rates and terms available in the market place, and walk you thru each step of the way.Call me or email me directly, as I have been helping people like yourself in Florida for a dozen of years now!!!Ralph Guertin 954-274-7725