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HARP 2 Coming in March – Expanded Guidelines

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March 17, 2012 is the date for  the release of the HARP 2 program.  I know they announced HARP 2 in October of last year and it has taken this long to get the guidelines but they are finally here.  If you have tried to refinance with the original HARP program and was turned down then you may want to try again.

Harp enhancements include the following:

No maximum Loan to Value ratio for fix rate mortgages.

With this one exception more properties will qualify for this program, which include primary residences, second homes and investment properties.  Borrowers will still need to qualify with income, employment, credit and assets.

This loan is only for homeowners that currently have a loan that is guaranteed or owned by  Fannie Mae or Freddie Mac, you may eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

If you like to determine if your loan is owned by either Freddie Mac or Fannie Mae you may check the following websites:

www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/ or you may contact me at 310-947-1665 and I can look up your house for you.  I am happy to review your scenario for the HARP 2 refinance or a standard refinance.

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