The HARP Refinance Program for Underwater Mortgages...

[Copelon J. Kirklin]

Here are a few details about the HARP program...

--Ideal for homeowners who are not behind on their mortgage payments but have been unable to get traditional refinancing because the value of their home has declined
--620 middle score
--Mortgage insurance (MI) is NOT required
--Primary residence, second home and investment properties may qualify
--Max amount is generally $417k but will be higher in AK & HI
--If multiple units, max amount will increase accordingly
--Borrowers where findings state MI is required, 95% LTV
--Borrowers where findings state MI is NOT required, 105-125% LTV
--8-15 year and ARMs = 105% max
--16-30 year and ARMs - 125% max

Eligibilty Requirements:

--The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. (if unsure, use these links to check:http://www.freddiemac.com/avoidforeclosure/harp_eligibility.html or http://knowyouroptions.com/loanlookup)
--The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
--The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
--The current loan-to-value (LTV) ratio must be greater than 80%.
--The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If you have any other questions, feel free to give me a call or reply to email.


Copelon Kirklin
Mortgage Loan Originator
NMLS# 1037558

Vantage Point Bank
www.vantagepointbank.com
Corporate NMLS# 456863
100 Witmer Rd Suite 140
Horsham, PA 19044