Prior to 2012, if you owed more than 105% – 125% of your home’s worth, you were NOT eligible for the Making Home Affordable HARP refinance.
No more – As of April 13, 2012 – HARP 2.0 has NO loan to value restrictions.
Kirkland home owners that are currently under-water now have an a once in a lifetime opportunity to refinance to a lower rate. If you are under-water on your home, you may be eligible for a refinance regardless of an appraisal, and in many cases, without spending any money out-of-pocket.
Watch the video for exclusive Q’s & A’s from my readers!
How Do I Know If My Kirkland Home Qualifies For HARP 2?
HARP 2 has been updated and revised about 20 times in the past 12 months, but today, in April 2012 I am funding HARP 2 refinances with no appraisals, no loan to value restrictions (equity), and regardless of your current private mortgage insurance situation. Also, HARP 2 is helping Kirkland Condo owners refinance as well!
Questions to be answered in order to be eligible for the HARP 2.0 Refinance Program:
(1) Is your mortgage located in Washington State?
(2) Have you made your mortgage payments on-time in the last 12 months?
(3) Is your mortgage loan backed by Fannie Mae or Freddie Mac (see video below for directions)
(4) Is your mortgage loan secured (funded) before June 1, 2009
How Do I Secure My HARP 2.0 Refinance Approval?
I’ve enclosed a HARP 2.0 Refinance Packet that gives you step-by-step instructions for gathering the items needed to apply for a HARP 2.0 refi. The HARP 2.0 refinance is a full-document loan, and will require the following items:
(CLICK HERE to preview/download the entire HARP 2.0 Refinance Packet)
(1) 2011 W-2s
(2) 2011 Tax Returns
(3) Current pay stubs from last 30 days
(4) Last 2-months bank statements
(5) Copy of your current mortgage NOTE
(6) Copy of your driver’s license
The Most Common HARP 2.0 Questions & Answers:
The purpose of the video installed above, and the questions and answers below is to help you better understand your options to save money on your mortgage. These Q’s & A’s are reported after January 8, 2012, and are current.
Can I use HARP 2.0 to refinance an investment home or rental home in Washington?
Yes, if your mortgage is backed by Fannie Mae, you are eligible. Click here for a HARP rate quote on your rental home.
I have recently divorced, can I remove an ex-spouse from my mortgage with the HARP 2.0 refinance? Yes. Similar to a conventional refinance, the ex-spouse will need to be removed from the deed and have NO interest in the property.
Can I finance my closing costs into the loan with a HARP 2.0 refinance?
Yes. Mortgage balances can increase to cover standard closing costs in addition to other costs due at closing such as escrows and daily interest.
When does the Washington State HARP 2.0 Program end?
You must close your HARP 2.0 refinance before January 1, 2014.
What are Seattle’s HARP 2.0 Interest Rates? Are they higher than normal rates?
HARP 2.0 interest rates are based on a few factors, but are typically very competitive with conforming fixed rates. Click here to request a FREE, no obligation HARP rate quote, or call me directly at (425) 350-7136. My name is Dan Keller and either myself or one of my Fannie Mae HARP loan officers will call you back immediately.
How do I know if Fannie Mae or Freddie Mac owns my mortgage?
You can e-mail me your address and I can look it up for you, or you can visit www.waharp2refinance.com for instant eligibility for both Fannie Mae and Freddie Mac refinances.
I am really upside down on my mortgage, am I still eligible?
Yes, there are no loan to value limits with the new HARP 2.0 program.
My mortgage is backed by Fannie Mae, now what do I do?
Print off this HARP 2.0 Refinance Packet and then contact me directly at (425) 350-7136 or email@example.com and I will prepare a Good Faith Estimate for you.
I put down 20% when I purchased my home, and now my home is under-water.
If I refinance with HARP 2.0, will I have to pay mortgage insurance now? No. If you current loan does not require mortgage insurance, then HARP will not require mortgage insurance.
I rent out my home, is it eligible for the HARP 2.0 Refinance?
Yes. You can refinance your investment property, even if it once was a primary residence.
Are condominiums eligible for the HARP 2.0 Refinance?
Yes. Condominium warrantability standards will apply (see Dan). Click here for a HARP rate quote for a condo
Apply For A HARP – Making Home Affordable Refinance
Getting approved for a HARP 2.0 refinance involves a couple of steps. I’ve made it very simple to apply:
Step One: Determine if your mortgage is owned by Fannie Mae & HARP eligible
Step Two: Download the HARP 2.0 Refinance Items Needed Packet
Step Three: Submit your information online – HARP Online Application
Step Four: Meet with Dan Keller to go over final numbers, closing date and other items
I love helping my Kirkland readers! Please do not ever hesitate to contact me directly at (425) 350-7136 if you may have any questions! Hey real quick – if you found this information valuable, would you please click the “LIKE” button below on the left? I like to know when my readers enjoy my content!