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Posted on Aug 5, 2012 in Stated Income Loans

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of Center for American Progress

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article by Bruce Owens

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What is the Home Affordable Refinancing Program or HARP What is 2.0?

According to the Wall Street Journal, generic is approximately 23% of U.S. homes underwater – so the homeowner owes more than their house is worth. The percentages vary widely state by state. Expample47.9% for the Arizona mortgages were estimated to have negative equity, this together with 34.7% of California’s mortgage and 19% of Colorado mortgages.

These days, recipe the number one question customers ask right now is, what is the harp program? The Home Affordable Refinancing Program or harp is 2.0, the new government-funded, no evaluation to refinance home mortgage program for underwater mortgages.

The harp program is available on Fannie Mae and Freddie Mac-owned mortgages, before 1 June 2009 originated. You can check your claim

The original Home Affordable refinance program was limited to 125% loan-to-value.

The version 2.0 of the HARP program does not require evaluation, and there is no limit to the loan-to-value.

It is also possible for the harp reduced documentation program have. As long as your payment not increase more than 20%, you are probably only a verification of employment, rather than tax returns and payroll.

Another great thing about the harp program is that competitive prices. If you get a 30-year fixed-rate loan, you need a little higher than market price or pay a little more to get a market rate. However, if the term of your loan to a 20-year amortization or shorten shorter, the risk adjustment waived and you will get a market rate. Fannie Mae and Freddie Mac have risk-based pricing for lower credit scores, so expect a little higher rate and / or higher fees, if you credit score under 740th

Fannie Mae and Freddie Mac have loosened the credit requirement for the HARP program. This includes the waiver of the minimum credit score requirement and allows borrowers with past bankruptcy or foreclosure to participate. The borrower must not be current on their mortgage for the last six months, but has been 30 days late on a period of 7 to 12 months

The bottom line is that the harp 2.0 program, the first loan program that has the potential to a large number of homeowners refinancing needs help finding one.

To learn more watch a recorded webinar on the most frequently asked questions about the program at HARP
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Related home affordability refinance program Harp article
Question by : what are the requirements for an fha loan?
I just changed jobs a couple days ago would that affect me getting a fha loan? Do i need to be at a job for a certain amount of time? Also the rest of fha loan requirements?

Best answer:

Answer by Dixie Darlin’
You need two years of steady employment, health they prefer the same employer. Here is a link, find the down payment is now 5 % though I believe.

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FHA Condominium Requirements Anticipated To Loosen Soon
This indicates that mortgage applicants whose credit scores are south of 740, patient all items equal, this site get lower mortgage rates via an FHA-insured mortgage than through a conforming mortgage channel. This has even held accurate despite conforming mortgages, on average, …
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The Federal Housing Administration
Nevertheless buried in the Office of Management and Price range&#39s projections for 2012 was a $ 688m bail-out for a significantly much less nicely-recognized public mortgage insurer, the Federal Housing Administration (FHA). The FHA is now anticipated to survive the year without taxpayer …
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Mortgages Bethesda Md
stated income home equity loan
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help Baby Boomers/retired adults leverage their equity so that they can transition into the next phase of their life smoothly. Boomers realize the need to have multiple streams of income. This is due to the state of our economy and the need to extend their social security entitlement to age 70 to maximize their benefit.

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Security vs. Rate Sheet Prices; Big Bank Earnings and Layoffs; Eminent Domain
As much as 80% of WaMu's Option ARMs were "stated income" loans with no income documentation (fondly referred to as "Liar Loans"). Perhaps even more frightening, medicine stated income loans made up 90% of WaMu's home equity loans. Perhaps JPMorgan …
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