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HARP 2.0: Your 5 steps to approval
If you're among the more than 7 million who are expected to qualify under the expanded HARP 2.0 guidelines, there are several preparatory steps you need to take to ensure your application is reviewed first. Since HARP mortgages are backed by Fannie Mae and Freddie Mac, the underwriting process will resemble that of any other conventional mortgage. There will be loan disclosures to sign and supporting financial documentation to remit.
To ensure your HARP application lands on the top of the stack, you'll need to follow these 5 preparatory steps:
1. Ensure Fannie or Freddie backs your mortgage Since day one, only those with mortgages owned or guaranteed by Fannie or Freddie could qualify. Fannie and Freddie each have a loan lookup tool which allows homeowners to search for their loan. To check if your mortgage is backed by Fannie Mae, visit http://www.fanniemae.com/loanlookup/. If your mortgage is not found, try Freddie Mac's loan lookup at https://ww3.freddiemac.com/corporate/. Mortgages not listed on either website are not backed by Fannie or Freddie and, therefore, are not HARP-eligible.
2. Determine if your mortgage is old enough Only those whose mortgages were securitized prior to June 1, 2009 can apply for HARP. In general, this means that your mortgage must have started in mid-May 2009 or earlier. You can find your mortgage start date by looking at your closing paperwork. In the upper-right-hand corner of your settlement is your "funding date"–that's the date you're looking for. Note: Since it can take up to 60 days to securitize a Fannie or Freddie loan, even if your start date is close to June 1, 2009, you still may be ineligible.
3. Does your current mortgage have LPMI? HARP 2.0 is designed to help homeowners with or without private mortgage insurance (PMI), but the government's revisions specifically excludes homeowners that chose lender-paid mortgage insurance (LPMI). LPMI is mortgage insurance that's built into your rate. If your mortgage statement itemized your monthly PMI, you have borrower-paid mortgage insurance and are thus eligible. All other mortgage insurance types are ineligible–including single-premium insurance.
4. You must be current in your mortgage payment
HARP 2.0 requires that all homeowners have made their last six mortgage payments on time, with a maximum of one 30-day late payment in the past year. This information is verified against your credit report, so be sure to review your credit reports prior to submitting your application.
5. Find and organize your supporting paperwork Since HARP mortgages are underwritten like every other type of mortgage, you will be required to provide bank statements, a drivers license, homeowners insurance information, pay stubs and W-2s. If you're self- employed, you'll have to provide a few years of tax returns to verify your income.
Your speed in which you return these items to your lender can dictate your mortgage rate. If you plan on applying for HARP 2.0, gather all these items in advance. The less you leave to the last minute, the smoother your application will go.
Again, there will be a crush of new applications when HARP 2.0 is open to the public. If you're going to apply, you must follow these tips to be one of the first approved and one of the fastest to close.
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"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
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