HARP - Making Homes Affordable Loans / More Borrowers May Qualify

Real Estate Agent with ERA Herman Group


Passing along information from Salina Morgan, Bank of America Loan Officer 303-723-7289 or salina.martin@bankofamerica.com

Recent guidelines have been expanded for borrowers whose mortgages were sold to FNMA or Freddie Mac on or before June 1, 2009.  Take a look below for some of the changes.  There are now loans that may qualify that did not qualify before. 


·         There is no Loan to value/Combined Loan to value requirement on newly originated fixed rate loans. ARM loans are limited to 105% LTV and no Combined Loan to value limit

·         If your loan has Borrower Paid Monthly Mortgage Insurance (BPMI).

·         We now allow for one 30-day late payment in the most recent 12 months as long as there are zero 30-day late payments in the most recent 6 months prior to application

·         Changes in Occupancy types from the original loan are allowed

·         Changes to Bankruptcy and Foreclosure Requirements allowing more flexibility for borrowers who have had a bankruptcy or foreclosure

·         Changes to Full Appraisal requirements -  where a full appraisal is only required in certain circumstances


If you have any questions as to whether or not your loan may fit under the new guidelines, just call me and we can discuss your loan now…Forward  this email as this could apply to any Bank of America customer who has a mortgage with us.  If you have a mortgage that is with another lender, call them directly, as they can possibly help you with that loan – whoever services the loan, is the lender that could originate the new loan.


Thank you and Happy New Year to you!

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