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HARP 2.0 –
     Home Affordable Refi




Presented by Rhonda Porter MLO-121324
   Mortgage Master Service Corporation #44045
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.

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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.

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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).

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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/


mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
Is Your Mortgage Fannie or Freddie?




mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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.

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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.
mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
What Now?




mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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.

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
Stay informed of changes with HARP




                  Subscribe to www.mortgageporter.com

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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.
mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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

mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
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/


mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro

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Harp 2.0 Home Affordable Refi Program

  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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). mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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/ mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 6. Is Your Mortgage Fannie or Freddie? mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 9. What Now? mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 11. Stay informed of changes with HARP Subscribe to www.mortgageporter.com mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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. mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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 mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  • 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/ mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro