New HARP Program/Refinance

Eligibility criteria for HARP Phase II loans are as follows: 
  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae;
  • 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 no late payment in the past six months and no more than one late payment in the past 12 months.
    Info taken from the Briggs and Lang Team (Cobalt Mortgage) http://www.TheBriggsLangTeam.com
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