Freddie to the rescue! THE NEW HARP 2.0 SOLUTION IS HERE!

IS YOUR HOUSE UNDERWATER? CURRENT ON YOUR PAYMENT, BUT CANNOT REFINANCE DUE TO LACK OF EQUITY ON YOUR PROPERTY?

You may have heard I was declined because my home is upside down. Hello, isn’t everyone? I owe more than what my house is worth. What can I do? You can pray. You can give the keys back to the bank or simply just walk away. But wait Freddie is here!

Per Fannie Mae, the estimated number of borrowers eligible to refinance under the new HARP 2.0 guidelines is an astounding 9 million homeowners.

Freddie Mac Harp 2.0 mirrors many of the features and benefits Fannie Mae owned homes, known as DU refinance plus. Last October 2011 there was talk that Freddie Mac had to do something to help homeowners and they did. But it takes time for the banking industry to gear up their systems and get ready for the wave of new borrowers.

The primary changes to Harp are the reduction of pricing adjustments on all Harp loans which allows borrowers to save more money than they could before, LTV up to 125% primary homes, removing the 125% CLTV restriction for subordinate financing, and the ability to not require appraisals.

HIGHLIGHTS:

• Unlimited LTV, CLTV, and HCLTV
• No minimum credit score
• All occupancy is acceptable (OO, 2nd HM, NOO, 1-4 Units)
• MI to MI Loans are now eligible up to 125% LTV (MGIC, RMIC, PMI and Genworth)
• MI Companies will now accept PIW when DU Findings support

This week is the first time Freddie Mac 2.0 provides much needed relief to underwater borrowers who have been making their payments but have been unable to refinance due to a lack of equity in their homes. How do you know if my house is Freddie Mac owned or Fannie Mae owned?  

Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/ or 800-FREDDIE (8 am to 8 pm ET) www.freddiemac.com/mymortgage/
www.fanniemae.com/loanlookup/

Written By:

William Ponce - NMLS 247890 l DRE 01295483
MLO With Platinum Mortgage Company

Website www.pmcmortgageloans.com
E-mail:  William @pmcmortgageloans.com

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application