One of the best aspects of the HARP Deal, and the main thing that previous versions of the HARP Deal was lacking, is the new Loan to Value (LTV) is not capped.
The first version of the HARP Deal limited the new Loan to Value at 105%. The next version of the HARP Deal capped it at 125%. Now, no limit! There is also no limit on the Collective Loan To Value (CLTV), that is, the sum of the eligible HARP Deal 1st lien plus any subordinate liens. Keep in mind that any subordinate liens must stay in a subordiante position - they cannot be paid off with the proceeds of the new HARP Deal.
The unlimited LTV/CLTV is for:
- All occupancies
- All eligible property types
The HARP Deal maximum loan amounts are:
- Conforming ($417,000 in San Diego County)
- Conforming/High Balance ($546,250 in San Diego County for 2012 and $625,500 for Orange and Los Angeles counties)
And again, the HARP Deal is a Rate and Term Refinance only. the new loan amount can include closing costs and prepaid items, but cash back to the borrower is limited to $250.
Questions regarding the HARP Deal? Contact Kevin Kueneke Mortgage Loan Officer with AmeriFirst Financial by calling (760) 500-1919 or contact Kevin online: www.kevink.amerifirst.us
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