There is not a lender in the marketplace who knows exactly what the new HARP 2.0 actual guidelines are going to be...and, expect them to vary from lender to lender. We (the entire mortgage world) are all very anxiously awaiting the release of final guides and the update of the AUS (automated underwriting systems). Thus far we do know that your loan would have to be serviced by either Fannie or Freddie. Everything else is still out of focus. The parameters given by President Obama look great; however, it remains to be seen just what specific lenders will do. In California, our biggest hurdle is the loan to value....which is why the original HARP loan had very little impact on our market (due to the 125% maximum loan to value). If the lenders/investors raise that limit substantially I expect the program to be very important in helping home owners be able to take advantage of today's low rates.
I hope this program does accomplish far more than the previous half hearted attempts to assist homeowners who are underwater. However, given the propensity of lender/investor overlays in today's market, I believe the jury is still out on the specifics of HARP 2.0.