HARP 2.0
Post date: Apr 06, 2012 4:4:23 AM
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.
Check eligibility at http://www.fanniemae.com/loanlookup/.
Existing first mortgage must have been delivered to Fannie Mae on or before 6/1/2009.