We have some Updates regarding the Home Affordable Refinance Program (HARP 2.0) in New Jersey. Also know as the Fannie Mae and Freddie Mac Obama refinance plan. Fannie’s version of HARP 2.0 is called DU Refi Plus. Freddie’s version of HARP 2.0 is called LP Open Access.
NJ HARP 2.0 Refinance Program – Free Live Rate Quote
Here are the HARP 2.0 Updates:
- Loan-To-Value ratios have been increased and with many of our lenders are unlimited.
- The Loan purpose has to be a Rate and Term Refinance, No Cash Out. However the new loan amount can include closing costs and pre-paids.
- The property can be a primary residence, second home and non-owner occupied.
- The property typed includes 1-4 units, condos, PUDs and manufactured homes.
Loans that are ineligible for HARP 2.0:
- Loans that are currently in default.
- Loans that were delivered to Fannie or Freddie on or after 6/01/2009.
- Government loans. (FHA an VA have special streamline refinance programs that do not require an appraisal!)
- Reverse mortgage loans.
- Loans that are not a 1st lien.
The Home Affordable Refinance Program HARP 2.0 in New Jersey is only for mortgage loans owned by Fannie Mae or Freddie Mac. To see if your mortgage may be eligible for the HARP 2.0 Refinance, check these two sites first:
Fannie Mae Home Affordable Refinance Program HARP 2.0 Lookup: www.fanniemae.com/loanlookup
Freddie Mac Home Affordable Refinance Program HARP 2.0 Lookup: www.freddiemac.com/mymortgage
More information on the Home Affordable Refinance Program HARP 2.0 call us today.
NJ HARP 2.0 Refinance Program – Free Live Rate Quote
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