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HARP 2.0

posted Apr 5, 2012, 9:04 PM by Massey Kouhssari
HARP 2.0
guidelines for
FNMA DU Refi Plus
Please see below for HARP 2.0 guidelines as they pertain to our FNMA DU Refi Plus Program!
  • Conforming and High Balance Loan Amounts!
  • Conforming Max Ratios per DU! (yep can go > 50% with DU Approve Eligible).
  • High Balance Max Ratio 50% to 105% LTV; 45% for LTV's > 105%.
  • Loans with DU Approve Eligible or Expanded Approval 1 (EA-1) are OK.
  • Loans with existing MI OK - Transfer to the new loan with Radian and MGIC!
  • 125% max LTV Owner Occupied, 2nd Home and Investment.  High Balance limited to owner occupied only.
  • No max CLTV for Owner Occupied transactions.
  • Assets and Reserves per DU.
  • Appraisal per DU!  Property Inspection Waivers (PIW) are eligible.
  • Condo Project review is not required.
  • Minimum FICO 620 for Owner Occupied, 680 for 2nd home and Investment and 660 for High Balance.
  • Credit requirements per DU findings except:
    • 7 years for prior foreclosure.
    • Bankruptcy Chp 13 discharged 24 mos, Chp 7 48 mos.
    • Pre-Foreclosure / Short Sale / Deed in lieu: 2 years to 80% LTV, 1 unit owner occupied.
    • Loan Modifications on subject ineligible; other property (not subject) can be considered.
  • Property must be FNMA eligible and DU must identify the program as DU Refi Plus.
  • Existing first mortgage must have been delivered to Fannie Mae on or before 6/1/2009.
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