Arizona Lender Update on HARP program

by Jamie Namock on January 21, 2012

Hi All,

The new changes to the HARP program are going to be fantastic! The 2009 version of HARP was always well intentioned but it was seriously lacking in realistic guidelines and has overall failed homeowners struggling to make their payments. This new version will have much more flexible minimum requirements, in some cases we’re talking, no credit score requirements.
So when legislators announced a few weeks ago the intention of a HARP program revamp, it sent the entire mortgage industry into a frenzy! Unfortunately we are still left waiting to hear what exactly these changes will be.  Currently the program is set to begin March 12, 2012.  A few days ago we were let in on the overarching guidelines we expect to see which will qualify homeowners to refinance their homes in this unique financial environment.
As with any government program there many guidelines within any loan program, but to keep it short and sweet I have focused on the key features & perks.
Let’s call it HARP Revamp Cliffs ‘Notes as of January 2012:

1.    You must currently have a Fannie or Freddie loan that was guaranteed before June 1, 2009. Below are links to see if you qualify: http://www.fanniemae.com/loanlookup/      https://ww3.freddiemac.com/corporate/

2.    HARP will allow qualified borrowers to refinance the current home loan to current interest rates – which are at historically rock bottom levels.

3.    Depending on the idiosyncrasies of your individual financing situation, you may qualify to slip by credit score requirements or dodge debt ratio requirements.

4.    The value of the home compared to your mortgage is irrelevant. Did you hear that for those of you underwater?

5.    A HARP refinance may allow for a history of late mortgage payments. Again, not entirely sure what this will look like, but this could be HUGE for many homeowners.

As news comes in on what exactly we’ll be seeing in March, I’ll be sure to keep you updated to be sure you have every opportunity to take advantage of this fantastic new loan program.

For More Information Please Call me at: 602-740-0747 or Email: jnamock@gmail.com

Information is Courtesy of

Mike Callahan
Licensed Mortgage Loan Originator # LO-0911991

AMG Mortgage Group
623-236-8490 direct 
623-293-6368 cell

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