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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