Updated April 23, 2012: Washington State HARP guidelines have changed. This information is accurate and has been updated per Fannie Mae and Freddie Mac guidelines.
Prior to 2012, if you owed more than 105% – 125% of your home’s worth, you were NOT eligible for the Making Home Affordable HARP refinance. No more – As of April 13, 2012 – HARP 2.0 has NO loan to value restrictions.
If you are a Washington State home owner that is under-water, and you have a conforming, conventional mortgage, you may be eligible for a refinance without paying down ANY principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket. [Watch the short video I made below…]
HOW CAN HARP 2.0 HELP WASHINGTON HOME OWNERS?
First off, let’s talk about “who” or “what” HARP is – The HARP Program is also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program. The U.S. Government calls it HARP, as in Home Affordable Refinance Program. I call it a “rescue boat” for under-water homes in Washington State.
Questions to be answered in order to be eligible for the HARP 2.0 Refinance Program:
(1) Is your mortgage located in Washington State?
(2) Have you made your mortgage payments on-time in the last 12 months?
(3) Is your mortgage loan backed by Fannie Mae or Freddie Mac (see video below for directions)
(4) Is your mortgage loan secured (funded) before June 1, 2009
(5) Does your mortgage have private mortgage insurance? If so, additional guidelines may apply (see Dan).
DOCUMENTATION YOU WILL NEED TO APPLY FOR A HARP 2.0 REFI
I’ve enclosed a HARP 2.0 Refinance Packet that gives you step-by-step instructions for gathering the items needed to apply for a HARP 2.0 refi. The HARP 2.0 refinance is a full-document loan, and will require the following items:
(CLICK HERE to preview/download the entire HARP 2.0 Refinance Packet)
(1) 2011 W-2s
(2) 2011 Tax Returns
(3) Current pay stubs from last 30 days
(4) Last 2-months bank statements
(5) Copy of your current mortgage NOTE
(6) Copy of your driver’s license
THE MOST COMMON HARP 2.0 QUESTIONS & ANSWERS:
The purpose of the video installed above, and the questions and answers below is to help you better understand your options to save money on your mortgage. These Q’s & A’s are reported after January 8, 2012, and are current.
Can I use HARP 2.0 to refinance an investment home, vacation home or rental home?
Yes, if your mortgage is backed by Fannie Mae, you are eligible. Click here for a HARP rate quote on your rental home.
How do I know if Fannie Mae or Freddie Mac owns my mortgage?
You can e-mail me your address and I can look it up for you, or you can visit www.fanniemae.com/loanlookup for Fannie Mae or www.freddiemac.com/mymortgage for Freddie Mac.
I am really upside down on my mortgage, am I still eligible?
Yes, there are no loan to value limits with the new HARP 2.0 program.
My mortgage is backed by Fannie Mae, now what do I do?
Print off this HARP 2.0 Refinance Packet and then contact me directly at (425) 350-7136 or email@example.com and I will prepare a Good Faith Estimate for you.
I put down 20% when I purchased my home, and now my home is under-water.
If I refinance with HARP 2.0, will I have to pay mortgage insurance now? No. If you current loan does not require mortgage insurance, then HARP will not require mortgage insurance.
I rent out my home, is it eligible for the HARP 2.0 Refinance?
Yes. You can refinance your investment property, even if it once was a primary residence.
Are condominiums eligible for the HARP 2.0 Refinance?
Yes. Condominium warrantability standards will apply (see Dan). Click here for a HARP rate quote for a condo.
I have recently divorced, can I remove an ex-spouse from my mortgage with the HARP 2.0 refinance?
Yes. Similar to a conventional refinance, the ex-spouse will need to be removed from the deed and have NO interest in the property.
Can I finance or “roll” my closing costs into the loan with a HARP 2.0 refinance?
Yes. Mortgage balances can increase to cover standard closing costs in addition to other costs due at closing such as escrows and daily interest.
When does the HARP 2.0 Program end?
You must close your HARP 2.0 refinance before January 1, 2014.
What are HARP 2.0 Interest Rates? Are they higher than normal rates?
HARP 2.0 interest rates are based on a few factors, but are typically very competitive with conforming fixed rates. Click here to request a FREE, no obligation HARP rate quote, or call me directly at (425) 350-7136. My name is Dan Keller and either myself or one of my Fannie Mae HARP loan officers will call you back immediately.
APPLY FOR A HARP – MAKING HOME AFFORDABLE REFINANCE
Getting approved for a HARP 2.0 refinance involves a couple of steps. I’ve made it very simple to apply:
Step One: Determine if your mortgage is owned by Fannie Mae & HARP eligible
Step Two: Download the HARP 2.0 Refinance Items Needed Packet
Step Three: Submit your information online – HARP Online Application
Step Four: Meet with Dan Keller to go over final numbers, closing date and other items
I love helping my Washington State readers! Please do not ever hesitate to contact me directly at (425) 350-7136 if you may have any questions!
Buying a home is the largest financial decision is the largest financial decision you'll make in your life.
Who you have managing that process is more important than you know.