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I want to know what kind of closing costs I'll have to pay and if I am stuck with the lender that services my loan or if I can shop around.
My lender charges a 1% origination fee which didn't bother me when the relocation company paid it. Now I'd rather not pay it. TIA
I want to know what kind of closing costs I'll have to pay and if I am stuck with the lender that services my loan or if I can shop around.
My lender charges a 1% origination fee which didn't bother me when the relocation company paid it. Now I'd rather not pay it. TIA
You actually have more information than most homeowners right now, on a program that has less that one week exposure and another 3 weeks to go before it's available . The fact you have verified it's a FannieMae loan already puts you ahead of the pack.
There will be two components to the refinance side of HASP: a manual underwriting of the file, Refi Plus (can only be done by the servicer) and DU (automated underwriting system) Refi Plus (can be done by any Fannie Mae DU lender).
Right now, the lenders are trying to figure out how they are going to release the program. The way DU Refi Plus was written, any FannieMae lender w/ Desktop Underwriting capabilities will be able to offer the refinance of that loan. Once they figure out what they can and can't offer, you will see a greater concentration of lenders offering the program.
You actually have more information than most homeowners right now, on a program that has less that one week exposure and another 3 weeks to go before it's available . The fact you have verified it's a FannieMae loan already puts you ahead of the pack.
There will be two components to the refinance side of HASP: a manual underwriting of the file, Refi Plus (can only be done by the servicer) and DU (automated underwriting system) Refi Plus (can be done by any Fannie Mae DU lender).
Right now, the lenders are trying to figure out how they are going to release the program. The way DU Refi Plus was written, any FannieMae lender w/ Desktop Underwriting capabilities will be able to offer the refinance of that loan. Once they figure out what they can and can't offer, you will see a greater concentration of lenders offering the program.
Hang tight, it's not that much longer.
Thanks. Actually the only reason I even looked into it was because I was going through our credit reports and it says right there that we have Fannie Mae loan. Then I remember hearing about it on Clark Howard so I tried to look into it some more.
I am glad I am not going to have to be stuck with Wells Fargo.
Has anyone refinanced under this program? I just called my lender to inquire about refinancing options, and the loan officer told me I qualified for this. The interest rate he quoted me was not as competitive as others I've seen, but he said that under this program, I get $2500 towards closing costs. No appriasal or payment documentation needed since my loan is currently with them. However, I wouldn't be able to use the $2500 towards another lender, only through them....
Has anyone refinanced under this program? I just called my lender to inquire about refinancing options, and the loan officer told me I qualified for this. The interest rate he quoted me was not as competitive as others I've seen, but he said that under this program, I get $2500 towards closing costs. No appriasal or payment documentation needed since my loan is currently with them. However, I wouldn't be able to use the $2500 towards another lender, only through them....
I do not believe there was anything on all the links I read on the subject. Your lender is either lying to you or is claiming to give you a discount when they are really not doing it because of higher rates. Call around and find out what other lenders can do for you.
There are 2 similar but very different programs within HARP.
1- Freddie Mac.
No 30 day lates on mortgage payment in the last 12 months.
No credit score/ LTV adjustments as in trdaitional qualifying.
You can only refi through your current loan servicer or broker who works with your loan servicer.
Closing costs and prepaid items (escrow account deposits) that can be rolled into the loan are capped at $2500.
Max LTV is 105%- no proof of income or assets.
Must have had 20% equity when loan was taken out.
Owner occupied, 2nd homes, and investments properties are eligible with no maximum of financed properties.
2- Fannie Mae.
No 60 day lates in the last 12 months.
Credit score/ LTV adjustments are less than traditional qalifying.
You can refi through an DU lender or broker.
Closing costs and prepaid items (escrow account deposits) that can be rolled into the loan are not capped.
Max LTV is 105%- must prove income and assets.
Must have had 20% equity when loan was taken out.
Owner occupied, 2nd homes, and investments properties are eligible with a maximum of 4 financed properties.
In both programs you may not receive ANY cash at closing. 2nd mortgages can't be paid off. No new 2nd mortgages allowed.
There are 2 similar but very different programs within HARP.
1- Freddie Mac.
You can only refi through your current loan servicer or broker who works with your loan servicer.
Closing costs and prepaid items (escrow account deposits) that can be rolled into the loan are capped at $2500.
So there is the $2500 in question. I am going to presume, Nerak,that your loan investor is Freddie Mac. Note that you are not receiving $2500 in closing cost assistance, you are merely being allowed to roll the closing costs into the loan. You're still paying for them, but you won't need any money up front.
I have worked for six months to work a refinance through my servicer as I have a Fannie loan. I qualify on all points for the Home Affordable Modification Program but they will not move forward because we are currently unemployed. I have explained to a half dozen people that I am current with a 6+% loan and a 800+ credit rating so it is even a better bet that I would stay current at a rate 2 points lower. I am not looking for a handout or subsidy, just a refinance. No help from any current programs!
I have worked for six months to work a refinance through my servicer as I have a Fannie loan. I qualify on all points for the Home Affordable Modification Program but they will not move forward because we are currently unemployed. I have explained to a half dozen people that I am current with a 6+% loan and a 800+ credit rating so it is even a better bet that I would stay current at a rate 2 points lower. I am not looking for a handout or subsidy, just a refinance. No help from any current programs!
I can see your point of view, BUT from the lender's view you are current now, but for how long?
Just like a "normal" refinance you would not qualify if you are currently unemployed.
I have worked for six months to work a refinance through my servicer as I have a Fannie loan. I qualify on all points for the Home Affordable Modification Program but they will not move forward because we are currently unemployed. I have explained to a half dozen people that I am current with a 6+% loan and a 800+ credit rating so it is even a better bet that I would stay current at a rate 2 points lower. I am not looking for a handout or subsidy, just a refinance. No help from any current programs!
I don't remember seeing anything about income for the government program. Call other lenders.
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