July 26th, 2012 3:55 PM by Andrew Walter May
If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.
Here are the details of the government's new HARP 2.0 refinance program:
1st - You may not have refinanced or purchased your home in or after June 2009.
Yes, silly isn't it. Welcome to the government in the capital markets. Odd-ball requirements and special programs that benefit certain "sought after" groups. Sorry - we have one person that refinanced in June 2009. That's a no-go. May 2009 - why certainly. You're our kind of borrower. Don't call the CFPB as they don't accept consumer complaints at this point (we tried them and that's what they said). Hey, a billion dollars a year only goes so far.
2nd - It's basically a no doc loan. Yes, we're bringing them back for certain kinds of borrowers.
3rd - You may not have to pay MORTGAGE INSURANCE - if you went with adrmortgage.com and we put you into the 1/2 price MI policy that we recommend to our clients. So, call us at 919 771 3379 to see if you qualify for no MI.
4th - loan to values up to 125% without an appraisal (for Fannie owned loans). Call us or email firstname.lastname@example.org to have us find out for you.
5th - Rates that are in the 3s right now.....depending on a number of factors.
So, to summarize, you may be able to get one of these loans without having to miss 2 mortgage payments (a requirement of the last genius government bailout program). And you can go to 80% debt to income ratio and/or 125% loan to value, and possibly get a super low rate.
Remember, only for certain people depending on what the government is after. Call us to find out. 919 771 3379 Andy May. email@example.com