1. HARP 2.0 –
Home Affordable Refi
Presented by Rhonda Porter MLO-121324
Mortgage Master Service Corporation #44045
2. Home Affordable Refinance Program
Created by the Obama Administration to help
stabilize the housing market and improve the
economy.
HARP helps home owners with conventional
conforming mortgages who could probably
otherwise refinance if their homes had not
depreciated.
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3. What’s New with HARP 2.0?
• Loan to value restrictions will be removed for
owner occupied homes.
• Borrowers opting for mortgages with fixed
terms amortized less than 30 years will have
preferred pricing.
• Expanded guidelines are being released in
phases as Fannie, Fannie and lenders
implement the new changes.
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4. Home Affordable Refi Features
Allows refinancing at current historically low rates.
No private mortgage insurance for homes that currently do not have
pmi (even if current loan to values are over 80%).
Higher loan to values (LTV) allowed (expanded guidelines eventually
removing LTV caps are being phased in).
Many HARP refi’s are qualifying NOW without any appraisal required.
You do NOT have to use your mortgage servicer (who you make your
mortgage payments to).
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5. Do You Qualify for a HARP Refi?
• Mortgage to be refinanced needs to have been
securitized by Fannie Mae or Freddie Mac prior to
June 1, 2009. NOTE: “Securitized” is different
than your closing date and often takes place
weeks after the actual closing.
– Check to see if your mortgage is securitized by Fannie
Mae: http://www.fanniemae.com/loanlookup/
– Check to see if your mortgage is securitized by Freddie
Mac: https://ww3.freddiemac.com/corporate/
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6. Is Your Mortgage Fannie or Freddie?
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7. Do You Qualify for a HARP Refi?
Mortgage securitized by Fannie Mae or Freddie Mac prior to
June 1, 2009.
Mortgages limited to current conforming loan amounts.
$506,000 in King, Pierce & Snohomish counties through 2012
No late payments with your mortgage in the last six months.
Credit score of 620 or higher.
Owner occupied, investment property and second homes.
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8. Before you apply for a
Home Affordable refi
• Obtain a rate quote detailing your scenario.
If your property is located in Washington, I can help you!
• Gather important documents that may be
required:
– Most recent W2s from previous year
– Most recent paystub
– Most recent bank statement/asset account (all
pages)
– If self employed, your last 2 years complete
business and personal tax returns.
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10. Getting Started
• HARP 2.0 is available NOW on applications
dated December 1, 2011 through 2013
• If Fannie or Freddie determines your home
may not have a high enough value for this
phase of HARP, you can still begin the process.
• Allows time to improve credit, if needed;
• Reduce your debt to income ratios by paying down or
restructuring debts;
• Loan can be resubmitted when future expanded
guidelines are released.
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11. Stay informed of changes with HARP
Subscribe to www.mortgageporter.com
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12. Is Your Property located in Washington
State?
Rhonda Porter is licensed to originate mortgages for
homes located in Washington State. Mortgage
Master Service Company offers these HARP
programs:
• Fannie Mae - Home Affordable DU Plus
• Freddie Mac - Home Affordable Streamline
Refinance - Open Access
You can obtain a rate quote, apply for a mortgage
or learn more info about HARP 2.0 on her blog.
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13. About Rhonda Porter
Rhonda is a Licensed Mortgage Originator who has
been helping people with their mortgage needs at
Mortgage Master Service Corporation since April 2000.
She writes a nationally recognized blog, The Mortgage Porter,
aimed at helping consumers have more information about the
mortgage process.
She is available to originate residential mortgages for homes
located in Washington State, where she holds her NMLS license.
CLA 44045
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14. PS:
I am required to have the language below if I am soliciting your Home
Affordable Refi for your home in Washington...and yes, I would love to
help you with your HARP (or any) refinance:
• Freddie Mac and Fannie Mae have adopted changes to the Home
Affordable Refinance program (HARP) and you may be eligible to
take advantages of these changes.
• If your mortgage is owned or guaranteed by either Freddie Mac or
Fannie Mae, you may be eligible to refinance your mortgage under
the enhanced and expanded provisions of HARP.
• You can determine whether your mortgage is owned by either
Freddie Mac or Fannie Mae by checking the following
websites: www.freddiemac.com/mymortgage
or http://www.fanniemae.com/loanlookup/
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