Harp 2.0 Revised?

By
Mortgage and Lending NMLS#74685

Well not exactly....  What I mean is that as rates rise Lenders are looking for ways to keep their pipelines full with loans, so how do they achieve this? Remove the overlay.  At face value the HARP Program is a great program for responsible homeowners who have been paying their mortgages on time but cannot refinance their loan in most cases because their home is “underwater” this loan would allow those homeowners to refinance their underwater homes allowing them to take advantage of the historically low rates.    

Sounds easy enough right well it depends on who you speak to.  When the program came out in its raw form Lenders instituted overlays to the product which essentially is another set of guidelines if you will that they follow in order to underwrite and approve a loan.  Example when HARP came out the credit requirement was a 580 score Lenders thought that was a bit low so they added an overlay that said they would not approve a HARP loan with a credit score under a 640 that is an over lay.


So in short the program was overlaid to death and was not able to help as many people as the program was intended to.  Fast forward to today, Lenders are not getting as many loan applications in due to rates rising and the slowing refinance market so what is their answer?

REMOVE THE OVERLAY …….

This opens up a new group of people that were not able to refinance due to the overlays to take advantage of the HARP program in its raw form.  Here are a few of the highlights.

 


  1. Minimum Credit Score 580

  2. Unlimited Loan To Value

  3. Expanded Debt to Income Ratios

  4. Loans with Lender Paid Mortgage Insurance

  5. Investment Homes Now Qualify

 

 

This program is now in full force in the form it was intended to be used and I hope more homeowners will revisit this program again even if they have been turned down before.  You never can tell you just may qualify and could potentially save hundreds of dollars a month. 


 


 


 


 

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Topic:
Lending / Financial
Location:
New York
Tags:
refinance
harp
refinance help
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Rainer
12,147
Harlequin Capital Corp
Port Jefferson Station, NY
Serving Homebuyers & Real Estate Agents

Well I am a first time blogger put up my first post and look my picture is missing lol there is a lage white gap where my clip art should be well mabey next blog practice makes perfect I guess

Jan 29, 2014 08:31 AM #1
Rainmaker
400,544
Kerry Lucasse
eXp Realty - Urban Nest Real Estate Group - Atlanta, GA
Your Urban Nest Atlanta Real Estate Consultant

HARP has been so confusing to me since Day One.  I had issues with the lender paid PMI, but think that I'm finally going to be able to refinance through HARP.

Jan 29, 2014 10:44 AM #2
Rainmaker
400,544
Kerry Lucasse
eXp Realty - Urban Nest Real Estate Group - Atlanta, GA
Your Urban Nest Atlanta Real Estate Consultant

.... love your mascot, by the way!  :)

Jan 29, 2014 10:45 AM #3
Rainer
12,147
Harlequin Capital Corp
Port Jefferson Station, NY
Serving Homebuyers & Real Estate Agents

Hey Kerry

Thanks for the comments look into New Penn Financial they are a lender that will do the LPMI HARP Refi and are licenced in your State

Jan 30, 2014 02:37 AM #4
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Rainer
12,147

Harlequin Capital Corp

Serving Homebuyers & Real Estate Agents
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