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Claudia Gravelle's Blog

By Claudia Muller Gravelle | Mortgage Broker
or Lender in Fremont, CA
  • Expansion to HARP

    Posted Under: General Area in San Ramon, Market Conditions in San Ramon, Financing in San Ramon  |  October 26, 2011 10:56 AM  |  801 views  |  No comments
    The HARP program for refinances has been expanded to include those homes that are valued at less than the current mortgage amount ("underwater").

    The rates may be slightly higher than advertised rates as they will be specific to the HARP program.



    ·         FNMA/FHLMA  owned loans before June 1st, 2009 are eligible

    ·         All Property Types- O/O, Second Homes, N/O/O  (1-4 units) are eligible

    ·         No Appraisal; AVM provided value

    ·         No LTV Limit

    ·         MI Okay; MI to transfer to new loan

    ·         1 30 day late allowed in the past 12 months

    ·         0 30 day late in the past 6 months

    ·         45% Max D/R

    ·         HARP expires 12/31/2013

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