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SBouillon 
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 Topic: HARP 2.0 refi criteria
Posted: September-03-2012 at 11:11am |
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Most definitely. There's chatter something may happen but we'll see....
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JonR
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Posted: September-02-2012 at 11:12am |
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Thanks for the clarification, Steven. If the requirement changes (i.e. the delivery date gets updated to a later date), can you give us a heads up on the forum?
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SBouillon
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Posted: September-02-2012 at 1:22am |
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Hi Jon, if you refinanced last in 2010 then you would not be eligible. HARP 2.0 is only for loans that were delivered to Fannie Mae or Freddie Mac prior to May 31, 2009.
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JonR
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Posted: August-30-2012 at 5:45pm |
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Really? So you're saying then that it doesn't matter if I did a refi in mid-2010?
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hutad
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Posted: August-29-2012 at 12:31pm |
Yup - If your LTV is greater than 80% you can apply for the HARP 2.0 program.
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David
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JonR
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Posted: August-28-2012 at 6:30pm |
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Yes, LTV is greater than 80% which is why I was inquiring about HARP 2.
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hutad
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Posted: August-28-2012 at 10:01am |
These are restrictions that lenders must follow for HARP 2. However, you can see if you can refinance through another program. Are you upside down on your mortgage?
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David
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JonR
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Posted: June-01-2012 at 12:16pm |
The following are criteria I found for being eligible to refi under HARP 2.0:
 Which borrowers may be eligible for an enhanced HARP?
In general, borrowers must meet the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months. |
My question is regarding the second item. I did a refi in mid-2010, and then the mortgage was sold to Fannie Mae. Are these criteria considered to be guidelines, or are they hard-and-fast restrictions that all lenders must follow? In other words, am I simply out of luck, or might I be able to find a lender that would be willing to let me refi under HARP 2.0?
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