Fannie and Freddie’s HARP program is going away December 31st 2018, however there’s good news. Fannie and Freddie are rolling out a replacement for the program, starting November 1st called the Relief Refinance Program.
Fannie and Freddie’s HARP program is going away December 31st 2018, however there’s good news. Fannie and Freddie are rolling out a replacement for the program, starting November 1st called the Relief Refinance Program.
So It’s very important you understand these five minimum requirements when looking at this product:
1. It needs to be a Fannie to Fannie or Freddie to Freddie refinance
2. The previous loan cannot be a previous HARP refinance
3. The loan had to of closed on or AFTER OCT 1 2017
4. The loan must have 15 months seasoning before we close the loan
5. There has to a borrower benefit, meaning we can go from an ARM to a FIXED, or lowering the rate, or shortening the term
There are some other details and qualifying aspects to this, call me at 855-955-SOEZ option 1 to find out more.
There are many advantages to this program
1. No LTV cap for fixed products, you can go over 200% loan to value
2. 105% LTV cap for ARM products
3. PMI transfer, so if you’re not paying PMI now, you wont be paying MI inf the future
4. Minimal document requirements, the list goes on
1. No LTV cap for fixed products, you can go over 200% loan to value
2. 105% LTV cap for ARM products
3. PMI transfer, so if you’re not paying PMI now, you wont be paying MI inf the future
4. Minimal document requirements, the list goes on
We understand come Nov 1, we are not going to see a lot of applications for this loan. This is more preparing for if god forbid, values decrease in the future.
Be a pro, remember this product, call me if you have questions, and if you or your friends could ever use it, our address is so easy to remember it’s www.SoEZ.tv
