When will HARP 2.0 be fully "automated"?

HARP is a regular standard loan in all almost aspects, EXCEPT you can disregard some standard loan-to-value guidelines letting people who've lost value refinance when they normally would be allowed. This means you can pay points to buy down a rate, pay about standard closing costs, or pay a higher rate to have low, or no lenders costs. www.HARP-Refinance-MN.com

Our only closing costs are $895 underwriting and your standard title fees and you can pick your own company if you like. Everything is running very smoothly on the HARP 2.0 program now. Give me a call if I can help. 888-320-7888 - www.MortgageWholesale.net - Ken

well, for the most part everything is runnning okay with HARP 2.0..up to 125% loan to values, beyond that. not every lender has their acts together.. it sounds like you may be combining your closing costs and your escrow account into one...lastly, if you are over 125% loan to value, don't expect 3.875% with 0 points, every lender has the exact same FNMA and FHLMC add-ons, most likely you would be around 4.375-4.500% with 0 points...we all would have to know all the facts to state anything for sure....

I concur with Steve on the closing costs issue. Typical closing costs for a refi with no points should be about $3k which includes lender fees, appraisal, credit, and associated attorney closing fees. You will also have escrow start ups which is some prepaid interest, a couple months of home owners insurance and 3-4 months of taxes. After the loan is close you will get a refund on your previous lenders escrow account. I would be happy to discuss this further if you wish to contact me. I am licensed and based in MA.

HARAP 2.0 is fully automated right now.. However there are a few products that are not available until June 1st... your loan is quoted using HARP... as there is not 2 separate HARP programs... it's that HARP 1.0 was modified and is now called HARP 2.0... $7K sounds high, but without seeing the full details, it's hard to say.. for example, how much of that $7K is impounds? what is the rate, and is it lower than market because your "buying it down"... there are just too many scenarios where $7K would not be unreasonable... WilliamAcres.com

There is no reason in the world you should be paying $7k in closing costs under HARP 2.0. I keep telling people to contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. This is just another reason why. They are trying to gouge you, because they don't think you are smart enough to shop them. Find a local Mortgage Banker/Broker and forget the big banks. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com