HARP or Home Affordable Refinance Program was initiated to assist millions of  homeowners attempting to refinance their underwater mortgages.  Without sufficient equity, otherwise qualified homeowners could not take advantage of exceptionally low fixed interest rates.  At the start of the HARP “solution”, to be eligible, qualified homeowners were required to have conventional mortgages sold to Fannie Mae prior to a specific date and were limited to refinancingto 105% and later 125%, of the current values or LTV (loan to value).  This didn’t help much here in Florida where many homeowners owed even more on their FL mortgages.  That is, until the launch of HARP 2.0!

HARP 2.0 may allow qualified homeowners to refinance without requiring an appraisal!  Of all of the current guidelines, this is the most important improvement.  When we run your loan through the automated underwriting system for Fannie Mae, Desktop Underwriting, we’ll know immediately if you are qualified and can refinance without an appraisal.  Calls are already coming in regarding the news of the no-appraisal change to HARP 2.0 and I am sharing the truth about the no appraisal approach.   The truth is that Fannie Mae will have their underwriting systems updated in March of 2012 to allow for the probability of a no appraisal approval. Qualified homeowners can apply today, but why not wait until March to take advantage of the improved HARP 2.0?

This will help hopefully millions of underwater homeowners especially in hard hit areas like our great State of Florida.  For more information on HARP 2.0, please feel free to email me directly at 407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751