Wednesday, May 29, 2013 - Article by: Calvanaugh Hoskins - Heritage Financial, Inc. -
There has been a lot of mis-information circulating regarding HARP loans.
It is true that lender overlays in the beginning made it almost impossible to qualify for these loans, but now that has changed. This program was put in place to help home owners that are upside down in their mortgage to help them take advantage of this low interest rate environment.
The qualifications now are that your loan was purchased by Fannie Mae or Freddi Mac prior to June, 2009.
Here are the 2 web links to check that information.
Fannie Mae - https://knowyouroptions.com/loanlookup
Freddie Mac - https://ww3.freddiemac.com/corporate/
This program now offers unlimited LTV for primary residences & 110% LTV for Investment properties.
You can qualify for this program with a middle FICO score of 620 and the debt to income ration allowed ranges from 50 to 55%.
Lots of borrowers in the past were turned down because of late payments on the mortgage.
The guidelines now are 0x30x6 & 2x30x12 + 0x60x12.
This basically means you cannot have been 30 days late in the past 6 months, not more than 2 time 30 days late in the past 12 months and never 60 days late in the past 12 months.
As you can see lots of borrowers qualify now, that did not qualify in the past.
I hope this information has been beneficial. Post comments or questions and I will respond.
You can contact me for qualification at 1-877-484-4184.
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