Tuesday, March 13, 2012 - Article by: Lender411 Member
Many people people looking into the HARP 2.0 will try to be comparing rates that are advertised interest rates on mortgage websites. Unfortunately many consumers will be disappointed. Both Fannie and Freddie have negative pricing adjustments based on a variety of categories.
1. Loan to Value
2. Credit Score
3. Property type
4. Impound Accounts
5 Loan size
just to name a few.
Next week when the HARP 2.0 comes out for most lenders I expect rates to be a little high just because of pure volume. Understand most lenders do not really want this type of business. All lender will have their own underlying guidelines beyond the 2.0 guidelines. Be patient wait a few weeks do some homework. Like most of these government programs only some will fit into the box.
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