The HARP 2 Refinance is available in Phoenix Arizona for a limited time. Harp 2 brings new enhancements allowing for more home owners in Phoenix Arizona to qualify for a lower interest rate. You can qualify for HARP 2 through Joseph Hansen @ VIP Mortgage. We are taking HARP 2 applications in Phoenix Arizona.
Updates to HARP 2 in Phoenix Arizona:
- Currently the program is for borrowers whose mortgage in Phoenix Arizona is owned by Fannie Mae or Freddie Mac, and who obtained financing prior to May 31st 2009.
- HARP had been scheduled to expire at the end June 2012; HARP 2 extends the expiration to the end of 2013 in Arizona.
- There is no loan-to-value cap anymore for borrowers who now have fixed-rate mortgages in Phoenix Arizona. The previous caps for HARP fixed rates mortgages were 125%
- For borrowers with ARM's', the loan-to-value cap remains 105 percent.
- Borrowers can qualify for a HARP 2 refinance in Phoenix AZ if they have paid on time for the last six months and have no more than one 30-day late payment in the last 12 months. Originally, HARP didn't allow any delinquencies in the last 12 months.
- Fees have been reduced for HARP 2 in Phoenix Arizona. Lenders are fond of adding fees to loans that have an added a small amount of risk. Fannie and Freddie call these fees "loan level price adjustments," and the charges easily can go up to 2 percent of the loan amount on HARP refinances. Under HARP 2, the fees are reduced to zero percent on loans for 20 years or fewer, and 0.75 percent for mortgages in Phoenix Arizona for more than 20 years and for ARMs.
- Harp 2 in Arizona will allow primary residences, second homes and investment properties to be refinanced.
- Appraisals for HARP 2 may be waived upon eligibility for Phoenix Arizona.
We are taking applications for the HARP 2 program in Phoenix Arizona. The HARP 2 refinance period started December 1st, 2011. However, the automated underwriting systems are still being updated by FNMA & Freddie Mac and will be available March 15th, 2012. With the delay by FNMA we have started accepting applications to begin the pre-qualification process and get ahead of the rush.
With the new release of HARP 2 lenders will determine if they will participate in the entire HARP 2 guidelines and may not provide all enhancements allowed.
Contact Joe Hansen @ VIP Mortgage to start the refinance process of your HARP 2 mortgage in Phoenix Arizona.