Financing in Northridge>Question Details

Jason Hector, Real Estate Pro in Los Angeles County, CA

Has anyone had first hand experience in getting a HARP refinance?

Asked by Jason Hector, Los Angeles County, CA Sun Mar 4, 2012

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I have first hand experience closing them and contrary to what you hear, there are many that benefit. Sure not everyone fits the criteria, but for those that do, the process is a snap. The original HARP is still available to 125% and same servicer HARP 2.0 has been available for 2 months now. The inquiries for HARP 2.0 have been overwhelming and there is already a waiting list for those that qualify.
Web Reference: http://HARPSupport.Com
0 votes Thank Flag Link Fri Mar 9, 2012
Have meeting thurs03/08/2010 have been told in advance that the outlook is not good since FHA and your lender do not have to work together and there lyes ths problem. My lender is PNC and they play hard ball and do not want to help a home owner in any way. So Ive been told to bring all my paper work and we will submit also I am current as I have been for 7 yrs. But this also does not seem to have any bareing. So once again it sounded good on paper but the mortgauge copany has all the power and the goverment seems to have none. Will post again later good luck to all.
0 votes Thank Flag Link Wed Mar 7, 2012
Jason,

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.
0 votes Thank Flag Link Mon Mar 5, 2012
Jason, we are taking in applications for the HARP 2.0 program right no in advance of the programs go live date in 2 weeks
0 votes Thank Flag Link Sun Mar 4, 2012
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