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Harp 2.0 Home Affordable Refi Program


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Rhonda Porter, a WA State licensed mortgage originator, reviews the enhancements recently made to the Home Affordable Refinance Program aka HARP 2.0.

  • A quick correction to your presentation. The HARP program was created by The Housing and Economic Recovery ACT of 2008 signed into law by George W. Bush. I'm not trying to be political... just factual.
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Harp 2.0 Home Affordable Refi Program

  1. 1. HARP 2.0 – Home Affordable RefiPresented by Rhonda Porter MLO-121324 Mortgage Master Service Corporation #44045
  2. 2. Home Affordable Refinance Program Created by the Obama Administration to help stabilize the housing market and improve the economy. HARP helps home owners with conventional conforming mortgages who could probably otherwise refinance if their homes had not | |
  3. 3. What’s New with HARP 2.0? • Loan to value restrictions will be removed for owner occupied homes. • Borrowers opting for mortgages with fixed terms amortized less than 30 years will have preferred pricing. • Expanded guidelines are being released in phases as Fannie, Fannie and lenders implement the new | |
  4. 4. Home Affordable Refi Features Allows refinancing at current historically low rates. No private mortgage insurance for homes that currently do not have pmi (even if current loan to values are over 80%). Higher loan to values (LTV) allowed (expanded guidelines eventually removing LTV caps are being phased in). Many HARP refi’s are qualifying NOW without any appraisal required. You do NOT have to use your mortgage servicer (who you make your mortgage payments to) | |
  5. 5. Do You Qualify for a HARP Refi? • Mortgage to be refinanced needs to have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. NOTE: “Securitized” is different than your closing date and often takes place weeks after the actual closing. – Check to see if your mortgage is securitized by Fannie Mae: – Check to see if your mortgage is securitized by Freddie Mac: | |
  6. 6. Is Your Mortgage Fannie or Freddie? | |
  7. 7. Do You Qualify for a HARP Refi? Mortgage securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. Mortgages limited to current conforming loan amounts. $506,000 in King, Pierce & Snohomish counties through 2012 No late payments with your mortgage in the last six months. Credit score of 620 or higher. Owner occupied, investment property and second | |
  8. 8. Before you apply for a Home Affordable refi • Obtain a rate quote detailing your scenario. If your property is located in Washington, I can help you! • Gather important documents that may be required: – Most recent W2s from previous year – Most recent paystub – Most recent bank statement/asset account (all pages) – If self employed, your last 2 years complete business and personal tax | |
  9. 9. What Now? | |
  10. 10. Getting Started • HARP 2.0 is available NOW on applications dated December 1, 2011 through 2013 • If Fannie or Freddie determines your home may not have a high enough value for this phase of HARP, you can still begin the process. • Allows time to improve credit, if needed; • Reduce your debt to income ratios by paying down or restructuring debts; • Loan can be resubmitted when future expanded guidelines are | |
  11. 11. Stay informed of changes with HARP Subscribe to | |
  12. 12. Is Your Property located in Washington State? Rhonda Porter is licensed to originate mortgages for homes located in Washington State. Mortgage Master Service Company offers these HARP programs: • Fannie Mae - Home Affordable DU Plus • Freddie Mac - Home Affordable Streamline Refinance - Open Access You can obtain a rate quote, apply for a mortgage or learn more info about HARP 2.0 on her | |
  13. 13. About Rhonda Porter Rhonda is a Licensed Mortgage Originator who has been helping people with their mortgage needs at Mortgage Master Service Corporation since April 2000. She writes a nationally recognized blog, The Mortgage Porter, aimed at helping consumers have more information about the mortgage process. She is available to originate residential mortgages for homes located in Washington State, where she holds her NMLS license. CLA | |
  14. 14. PS: I am required to have the language below if I am soliciting your Home Affordable Refi for your home in Washington...and yes, I would love to help you with your HARP (or any) refinance: • Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes. • If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. • You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: or | |