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Freddie to the rescue! THE NEW HARP 2.0 SOLUTION IS HERE!

February 9, 2012

IS YOUR HOUSEUNDERWATER? CURRENT ON YOUR PAYMENT, BUT CANNOT REFINANCE DUE TO LACK OF EQUITYON YOUR PROPERTY?

You may haveheard I was declined because my home is upside down. Hello, isn’t everyone? Iowe more than what my house is worth. What can I do? You can pray. You can givethe keys back to the bank or simply just walkaway. But wait Freddie is here!

Per FannieMae, the estimated number of borrowers eligible to refinance under the new HARP2.0 guidelines is an astounding 9 million homeowners.

Freddie MacHarp 2.0 mirrors many of the features and benefits Fannie Mae owned homes, knownas DU refinance plus. Last October 2011 there was talk that Freddie Mac had todo something to help homeowners and they did. But it takes time for the bankingindustry to gear up their systems and get ready for the wave of new borrowers.

The primarychanges to Harp are the reduction of pricing adjustments on all Harp loanswhich allows borrowers to save more money than they could before, LTV up to125% primary homes, removing the 125% CLTV restriction for subordinatefinancing, and the ability to not require appraisals.

HIGHLIGHTS:


  • Unlimited LTV, CLTV, and HCLTV
  • No minimum credit score
  • All occupancy is acceptable (OO, 2nd HM, NOO, 1-4 Units)
  • MI to MI Loans are now eligible up to 125% LTV (MGIC, RMIC, PMI and Genworth)
  • MI Companies will now accept PIW when DU Findings support

This week isthe first time Freddie Mac 2.0 provides much needed relief to underwaterborrowers who have been making their payments but have been unable to refinancedue to a lack of equity in their homes. How do you know if my house is FreddieMac owned or Fannie Mae owned?  

Homeownerscan determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 am to 8 pm ET)
www.freddiemac.com/mymortgage/
www.fanniemae.com/loanlookup/

Written By:

William Ponce – NMLS 247890 l DRE 01295483
MLO With Platinum Mortgage Company
Website www.pmcmortgageloans.com
E-mail:  William @pmcmortgageloans.com

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

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