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who can qualify for harp 2?

I am wondering if I can qualify with a 125% ltv. Can someone confirm ? I am in las vegas area. by joey11_485_559 from Las Vegas, Nevada. Jan 16th 2012 Reply


Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Generally speaking, if we are just talking about loan-to-value, being at 125% is OK. Unfortunately, there is much more to HARP than just the loan-to-value to consider. After determining if HARP may be possible, you still must meet all standard underwriting criteria: Income, Credit, etc. For HARP, the mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009. The current loan-to-value (LTV) ratio must be greater than 80%. The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months. Learn more at http://joemetzler.com/affordable_program.htm

Jan 17th 2012
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Vatche Saatdjian (valleywest)
#4 ranked lender in Nevada - 7 contributions

Hi Joey, We are located here in Las Vegas. There are many factors to the HARP 2.0 program. You must first see if you quailfy by going to Fannie or Freddie site. Here is Fannie Mae http://www.fanniemae.com/loanlookup/Please call me me to discuss more 702-696-9900.

Jan 17th 2012
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Leanne Larson (LenderLeanne)
#14 ranked lender in Nevada - 20 contributions

Hi Joey11,Great news - it doesn't matter how upside down you are to qualify for Harp 2.

Jan 16th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

You need to go to Freddie Mac's and Fannie Mae's websites and see if your property is owned by one of the two. If your loan is owned by one of the two, then the property qualifies for HARP 2.0 financing. WilliamAcres.com

Jan 16th 2012
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Lynne Dewar (ldewar)
#47 ranked lender in Arizona - 16 contributions

The new HARP Program will not be available until March 1st.

Jan 17th 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

Due to the fact that not all the guidelines have been established by the banks and/or lenders, the best resource for you to get answers is the MakingHomeAffordable.gov website. The specific page for HARP is http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx.

Jan 17th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

The first thing you want to do is make sure your loan is HARP eligible. If you have not yet verified, go to http://www.fanniemae.com/loanlookup/ for Fannie and https://ww3.freddiemac.com/corporate/ for Freddie. If you're in Las Vegas, it is likely your loan is greater than 125%LTV. If so, you will need to wait until HARP 2.0 is rolled out. Assuming your loan is HARP eligible, you can either work with your current bank (remember, these are the folks who wouldn't help you before) or better yet contact a local Mortgage Banker/Broker. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 17th 2012
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