Before you Apply for the Home Affordable Refi aka HARP 2.0

UPDATE May 11, 2012: This page was originally written on November 11, 2011. HARP 2.0 with unlimited loan to values is now available at Mortgage Master Service Corporation.  If you would like a rate quote for your home (owner occupied, vacation or investment) located anywhere in Washington state, click here.

Soon the revamped Home Affordable Refi Program will be available for Washington home owners with a mortgage securitized by Fannie Mae or Freddie Mac on or prior to May 31, 2009. Refinance volumes have been at higher than normal levels due to historically low rates and if you are planning on taking advantage of this program, I recommend preparing early!  

Here are a few steps to help you before you start your application.

1. Is your property located in Washington State?  I am only licensed to originate mortgages on residential properties anywhere within the state of Washington. If your home is not located in Washington, you’ll need to find another mortgage professional to assist you.

2. Have you made your mortgage payments on time? HARP 2.0 requires that home owners have made the last six months payments on time with only one late payment in the last 12 months.

3. Did you close on your last conforming mortgage prior to June 2009?  This program is only availble to mortgages securitized by Fannie Mae or Freddie Mac by May 31, 2009. Securitization is different than your closing date and often takes several weeks to take place. In fact, it’s very possible that if your mortgage closed in May 2009, it may not qualify for HARP 2.0 unless it was securitized before the month was over.

4. Is your mortgage securitized by Fannie Mae or Freddie Mac?  You can check with the links below or I can check for you.

Fannie Mae:  http://www.fanniemae.com/loanlookup/

Freddie Mac: https://ww3.freddiemac.com/corporate/

NOTE: Confirming your mortgage is securitized by Freddie or Fannie with the above site does not guarantee it qualifes for a HARP refi. Other factors apply.

5. Does your mortgage have private mortgage insurance? Knowing who your private mortgage insurance (including LPMI – lender paid mortgage insurance) is helpful but not required. We are able to determine this as well after application.

6. Start gathering your supporting documentation.  HARP 2.0 is a full document loan meaning you will need to provide documentation that supports your income, your credit and assets, such as:

  • 2011 W2s
  • Most recent paystubs covering 30 days of income
  • Most recent bank statement/asset account (all pages)
  • Drivers License

NOTE: if you’re self-employed, we will need your last 2 years complete tax returns (all schedules, personal and business).

The more prepared you are and how quickly you respond to items requested during your refinance will help make the process proceed smoothly.

Would you like a HARP 2.0 rate quote?  You can submit your HARP 2.0 rate quote request for homes located anywhere in Washington state and once HARP 2.0 rates are available, we will provide your quote.

UPDATE November 30, 2011: I will continue to update these pages which will factor in the lender/bank overlays.

Fannie Mae – Home Affordabe DU Refi Plus

Freddie Mac – Home Affordable Streamline Refinance – Open Access