Thanks for your patience – the official launch of HARP 2.0 is finally here!
We are running loans through both Fannie Mae’s and Freddie Mac’s automated underwriting engines. It may be a few more days until you hear from us – no need to worry – we will get to you shortly.
If you want to help us complete your file now, read the details below of what we most likely need. If you have not provided us with that information, feel free to fax or email it to us. If you have provided it, great, then no need to do anything until we follow up with you.
Here is what we are seeing:
Income documentation: Both Fannie and Freddie are requiring one pay stub for employed borrowers, one year tax return for self-employed borrowers, and proof or retirement income if you are retired.
Assets: If you are paying your closing costs out of pocket, all pages of a recent bank statement (online statements are ok only if they show your name, bank name, account number and running balance for 30 days), all pages will be required. If you are rolling costs into the loan, you should not need this but it is still possible. Finally, some files are requiring proof of reserves in your bank account. We will let you know what your automated approval is requesting.
Appraisals: Most appraisals are getting waived as originally promoted. There seems to be no real reason for who is or isn’t required to have one. No need to panic if you need one, you are still eligible, you will just have the added cost of an appraisal.
HERE IS WHAT WE NEED FROM YOU ASAP IF YOU HAVEN’T SENT IT ALREADY:
If we are still missing your mortgage statement(s), home owners insurance information, or anything else we’ve requested – please email or fax to us asap as this will hold up your loan.
IF your loan has a second mortgage or line of credit (HELOC), we will need to order a subordination agreement from your second mortgage lender. Please make sure we have your second mortgage statement. Most second lenders will require a check up-front, and you will be notified if we need this from you.
IF our loan CURRENTLY has PMI (private mortgage insurance), we are researching who your current MI is with. If you know or have a MI certificate or statement, please send this to us. Remember – if you DO NOT currently have PMI, you WILL NOT have it on your new loan.
If you have any immediate questions, please let me know. Again, we appreciate your patience as we work though the details of this new program.