HARP 2.0                                    ACTIVE GUIDELINES FOR 3/20/12COPYRIGHT 2011 TED CANTO, ALL RIGHTS RESERVED. NM...
GENERAL       DU REFI PLUSINFORMATION   Identify which loans are owned by: DU             FNMA:                 www.fannie...
GENERAL       OPEN ACCESSINFORMATION: LP              Identify which loans are owned by Freddie Mac:                https:...
INELIGIBLE   Existing loan delivered to Fannie Mae or Freddie Mac onLOANS          and or after 6/01/09             Any lo...
ELIGIBLEBORROWER   DU (Approved/Eligible) or LP (LP/Accept) required:           Borrowers must have at least one benefit o...
MAXIMUM LTVAND LOANAMOUNT     • LTV                          Loan Amount        – Unlimited- all             ◦ Conforming...
ELIGIBILITY:OCCUPANCY &PROPERTY       • 1-4 family primary residenceTYPE           • Second home               • 1-4 famil...
DOCUMENTATION   • As required by DU or LPAND RATIOS                   – Salary/Hourly/Bonus:                        • Verb...
CREDIT   • Credit Score            – No minimum credit score required.         • Mortgage History            – DU: Mortgag...
MORTGAGEINSURANCE            • Existing loans with buyer & lender paid MI are eligible.                – Review DU or LP f...
TOPQUESTIONS   •   Unlimited LTV/CLTV/HCLTV      With an Approve/Eligible in DUFOR DU:     •   Financing with MI          ...
TOP         • Unlimited LTV/CLTV/HCLTV      With an LP Open AccessQUESTIONS     AcceptFOR LP:     • LP Open Access Accept ...
FOR ADDITIONALINFORMATION:                    Please contact me!                        Ted Canto                    ted@t...
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Harp 2.0

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The following are the guidelines under which you can refinance with me (Ted Canto aka The Mobile Mortgage Pro). You can contact me for more info.

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Harp 2.0

  1. 1. HARP 2.0 ACTIVE GUIDELINES FOR 3/20/12COPYRIGHT 2011 TED CANTO, ALL RIGHTS RESERVED. NMLS #1820. ACADEMY MORTGAGE BY THE ARIZONA DEPARTMENT OF FINANCIAL INSTITUTIONS & DEPARTMENT OF CORPORATIONS UNDERTHE CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT. THIS PRESENTATION IS NOT A COMMITMENT TO LEND. CREDIT ON APPROVAL. NOT A BANK ACCOUNT. NO BANK GUARANTEE.PAYMENTS, DRAWS, TERMS AND VARIANCE IN RATE WILL AFFECT LOAN PAYOFF AND INTEREST SAVINGS. CREDIT ON APPROVAL. 1
  2. 2. GENERAL DU REFI PLUSINFORMATION Identify which loans are owned by: DU FNMA: www.fanniemae.com/loanlookup/ RESOURCE CENTER: resource_center@fanniemae.com (48 hr Turn Time) Call- 800-732-6643 8 A.M – 8 P.M. EST FAQ’s: https://www.efanniemae.com/sf/mha/mharef i/pdf/refinancefaqs.pdf The loan must have been closed and committed / delivered to a FNMA Pool no later than May 31. 2009 in order to qualify for a DU Refi Plus loan. 2
  3. 3. GENERAL OPEN ACCESSINFORMATION: LP Identify which loans are owned by Freddie Mac: https://ww3.freddiemac.com/corporate/ The loan must have been closed and committed / delivered to a Freddie Mac Pool no later than May 31. 2009 in order to qualify for a LP Open Access loan. 3
  4. 4. INELIGIBLE Existing loan delivered to Fannie Mae or Freddie Mac onLOANS and or after 6/01/09 Any loan currently in default Existing loan is a government loan Existing loan is a reverse mortgage Existing loan is not a 1st lien 4
  5. 5. ELIGIBLEBORROWER DU (Approved/Eligible) or LP (LP/Accept) required: Borrowers must have at least one benefit outside of DU or LP as follows: Lower Payment More stable product (ARM to fixed) Interest Only to Fully Amortized Shorter Term from (30 to 25), (25 to 20) and (20 to 15) (15 year >105% LTV not available until 6/1/12) Subordinate Liens Existing subordinate liens may NOT be paid from proceeds. Lien must be re-subordinated. No new subordinate liens. 5
  6. 6. MAXIMUM LTVAND LOANAMOUNT • LTV  Loan Amount – Unlimited- all ◦ Conforming and occupancies and property types Conforming/High-Balance permitted. • CLTV – Unlimited  New loan is the sum of: ◦ Payoff of 1st lien + 30 days • HCLTV of interest +Closing costs – Unlimited (including pre-paids) ◦ Cash back: $250 6
  7. 7. ELIGIBILITY:OCCUPANCY &PROPERTY • 1-4 family primary residenceTYPE • Second home • 1-4 family non-owner • Condos & CondoTels • PUDs • Manufactured Housing • DU: No limit to the number of financed properties • LP: Maximum of 4 financed (1-4 unit properties) when the subject is an investment property or 2nd home. 7
  8. 8. DOCUMENTATION • As required by DU or LPAND RATIOS – Salary/Hourly/Bonus: • Verbal VOE plus YTD paystub – Self Employed/Commission • 1 year tax return • 4506 required • Asset verification only required if borrower paying from their own funds to reduce balance and/or cover closing costs • DU or LP determines acceptable ratios 8
  9. 9. CREDIT • Credit Score – No minimum credit score required. • Mortgage History – DU: Mortgage must be current. – LP: Mortgage must be current – LP: 0x30 (1-6 months) 1x30 (7-12 months) • Prior BK or Foreclosure – Standard Fannie Mae or Freddie Mac guidelines. 9
  10. 10. MORTGAGEINSURANCE • Existing loans with buyer & lender paid MI are eligible. – Review DU or LP findings to establish MI Company – Provide mortgage statement showing MI Company 10
  11. 11. TOPQUESTIONS • Unlimited LTV/CLTV/HCLTV With an Approve/Eligible in DUFOR DU: • Financing with MI Available on loans with existing MI. • No Minimum Credit Score • High Balance Loans Available at TODAYS high balance limit • All Occupancies Accepted Owner Occupied / 2nd Hm / Non Owner • Currently Listed for Sale Available (document listing has been cancelled, no seasoning) • Appraisal Requirement #1004 Appraisal or PIW (property inspection waiver) honored if received w/ DU findings. • Rate/Term only Max cash back $250 • Max # of Properties Owned Unlimited • Full Documentation Required Per DU findings • Condo Requirement Insurance is required: (Haz/Liab/Fidelity/Walls In)
  12. 12. TOP • Unlimited LTV/CLTV/HCLTV With an LP Open AccessQUESTIONS AcceptFOR LP: • LP Open Access Accept No manual underwrite • Financing with MI Available on loans with existing MI (Triad is not available) • No Minimum Credit Score • Mortgage Lates 0x30 1-6 months / 1x30 7-12 months • High Balance Available at TODAYS high balance limit • Field Review ‘May’ be required over 105% LTV • All Occupancies Accepted OO, 2nd HM, NOO • 4506 Form and Audit Required • Rate/Term Only Max cash to borrower cannot exceed $250 • Full Documentation Required Per LP Findings • Appraisal Waiver Honored 1-2 Units All Occupancies- HVE (Home Value Explorer) value on LP Findings can be used, but if lower, LP must be rerun or appraisal requested
  13. 13. FOR ADDITIONALINFORMATION: Please contact me! Ted Canto ted@tedcanto.com Direct: 480.650.8602 Office: 480.344.3671 Fax: 480.374.6958 Go to my blog ! www.tedcanto.com Academy Mortgage 5304 East Southern Ave #101 Mesa, AZ 85206 NMLS #: 228393 *AZ MB License: 0904081* National NMLS #: 3113 13

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