What are requirements for HARP 2?

Hello,Right now if your investor is Fannie Mae or Freddie Mac and you are not late on your mortage payments for the last 12 months, you can refinance upto 125% of the current market value. Starting March 2012, the loan to value of 125% ratio will be lifted, so it will not matter how far you are upside down. Please feel free to contact me at 707-583-8117 with any questions you may have. My name is Cindy MacDonell with Bay Equity Home Loans. We are a direct lender located in the SF bay area.

Hey Kamyar.. the guidelines for HARP 2.0 can be found all over the internet, however the lenders (where the actual money/loan comes from) have not released their overlays (additional guidelines).. Although we can all speculate that there will be many lenders out there willing to do HARP 2.0 loans, until the lenders release the product, no one knows for sure.. we should see programs rolling out in mid March.. WilliamAcres.com

I almost did not post because I am just backing up what the others have said. I just wanted to say that Cindy MacDonell is in my area and she is great to work with and will take care of you. Rules are not real clear now but they will be in March so getting started now is important.

Although Fannie and Freddie have already told lenders what their program will look like genericly, The lenders that actually lend the money will more than likely add their own restrictions or overlays as William indicated. It is anticipated that these will be released to the public in mid March. As for as requirements, we anticipate these basic requirements to be in the final rollout. Current loan Fannie or Freddie; No payments later than 30 days in the last 12 months; Documentable income to support re-payment and title to be held as note was originally issued. It also appears that if the program will not be restricted to primary residences. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Although the final guidelines for HARP 2 have not been released yet, it appears that you can have no late payments in the last 6 months and no more than one mortgage late in the past 12 months. The proposal is that there is no maximum LTV requirements. If your current loan did not require PMI, your new loan will not require PMI. Your loan would currently have to be owned by Fannie Mae or Freddie Mac to be eligible. You can check on who owns your loan at my website: www.LenderSolutions.com or call me at (916) 295-0044