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The HARP Deal

This gives a quick overview of some of the eligibility requirements for the new HARP refinance program. Check with your lender or Realtor for more information about this resource. This info is for Fannie Mae and Freddie Mac.

We are finally getting more specifics regarding The HARP Deal, the most recent version of the Fannie Mae and Freddie Mac refinance program.  Fannie's version of The HARP Deal is called the DU Refi Plus.  Freddie's version of The HARP Deal is called LP Open Access.

Here are some of the details:

INELIGIBLE LOANS FOR THE HARP DEAL:

  • any loan currently in default
  • existing loan delivered to Fannie or Freddie on or after 6/01/2009
  • government loans
  • reverse mortgages
  • not a 1st lien

MAXIMUM LTV AND LOAN AMOUNT FOR THE HARP DEAL:

  • LTV and CLTV is unlimited for all Occupancies and all Property Types
  • Loan amounts are Conforming and High Balance Conforming
  • Loan purpose is Rate and Term Refinance only; loan amount can include pre-paids and closing costs

ELIGIBLE OCCUPANCY AND PROPERTY TYPE FOR THE HARP DEAL:

  • primary residence
  • second home
  • non-owner occupied
  • 1-4 units
  • condos, PUDs, manufactured homes

NUMBER OF FINANCED PROPERTIES FOR THE HARP DEAL:

  • DU - no limit
  • LP - no limit if loan is primary residence, max 4 properties if loan is 2nd home or investment property

NO MINIMUM CREDIT SCORE IS REQUIRED FOR THE HARP DEAL!

MORTGAGE HISTORY FOR THE HARP DEAL:

  • DU  - must be current
  • LP - 0x30 in last 6 months, 1x30 OK in last 7-12 months

The HARP Deal is only for mortgage loans owned by Fannie Mae or Freddie Mac.  To see if your mortgage may be eligible for The HARP Deal, check these two sites first:

Fannie Mae HARP Deal lookup: www.fanniemae.com/loanlookup/

Freddir Mac HARP Deal lookup: www.freddiemac.com/mymortgage

More information to follow for The HARP Deal, but this is a great start.  Contact Kevin Kueneke today to see if you may be eligible for The HARP Deal: www.kevink.amerifirst.us


 Kevin Kueneke, NMLS # 284800 

FHA Mortgage Loan Specialist/VA Mortgage Loan Specialist
Direct Lender, Mortgage Banker
AmeriFirst Financial, Inc.
12544 High Bluff, Suite 100 | San Diego | CA | 92130
Phone 760-500-1919 | Fax 619-419-2324

www.kevink.amerifirst.us | kevink@AmeriFirst.us

Ask About My CA DRE Approved Continuing Education Classes!

Visit My Website

Apply For A Home Loan

Kevin Kueneke With AmeriFirst Financial 

Are You A Licensed Real Estate Agent In California?  Are You Looking For A New Way To Market Your Listings?  Watch This Video And Then Contact Me!

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Comment balloon 2 commentsCheryl Ritchie • February 23 2012 03:07AM
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