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Thursday, June 7, 2012

HARP 2.0

We have all heard of HARP 2.0. Seems simple Fannie or Freddie and your qualified. NOT!

HARP (AKA Home Affordable Refinance Program)

HARP is part of one of the three Making Home Affordable Program's the others being HAMP and HAFA. It has been around since June 1, 2009; however was recently given a big push by President's Obama speech in October of 2011 which allowed lenders to go over the 125% LTV threshold. Lenders introduced this product in late March of this year; however what the borrower reads under HARP 2.0 and what the lender offers have many to wonder if this program truly exists. Yes the program is offered but there is a variety of factors that need to be met under HARP 2.0. Some of these are the following:

  • LTV Restrictions Due To FICO Score
  • 2nd Homes, Investment Properties, Condos and High Balance loans
  • 2nd Mortgages
  • Current or Missed Payment
  • Impound Account Waivers
  • DTI
  • Fannie or Freddie
  • Property Inspection Waivers
  • PMI (LPMI or BPMI)

Finding a lender to do it is half the battle, finding a qualified borrower is the other. If you need more information about HARP 2.0 visit our website at

P.S. If you are a mortgage originator or lender visit us at

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