With other items like regular purchase, refinance mortgages, and interest rates mortgages, regular qualifications are still required. With Harp 2.0 there is no maximum loan to value for both a 30 year and 15 year mortgage. Beyond this, borrowers will save about $400 because they will not need an appraisal. Harp 2.0 will be rolled out March 19th through automatic underwriting. This refinance program is for anyone who has an existing mortgage through Fannie Mae or Freddie Mac exclusively. The mortgage must be in good standing with no late payments. The borrower must be underwater which means they owe more on the mortgage than what the property is valued at.
Now, the main objective is to lower the client’s monthly mortgage payment. Because of this Fannie Mae requires a minimum credit score of 620 coupled with a maximum debt to income ratio of no more than 45 percent when the new mortgage is raised the principal as well as the interest payment by upwards of 20%. If this is the case, verification of income and assets to close, if needed, are required. Any borrowers who’ve had a foreclosure or bankruptcy do not have to meet the standard waiting time period and re-establishment of credit for a Harp 2.0 refinance.
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