Finding The Right Harp 2.0 Lender For You

Finding The Right Harp 2.0 Lender For You
There are many Home Affordable Refinance Program 2.0 lenders in any state, city or county. Predominantly, the Harp 2.0 lenders are banks, mortgage lenders or mortgage brokers. Among the Harp refinance lenders you have in your city or county, any of the three types of Harp lenders can be the right one for you. It would depend on specific aspects of your case.

Before we look at the ways to understand who the best Harp 2.0 lenders are for you, here is a quick brief on the eligibility set out by most Harp refinance lenders.
The loan has to be owned or guaranteed by Fannie Mae or Freddie Mac.
The loan should have been sold to Fannie Mae or Freddie Mac prior to 1st June 2009.
Your mortgage has not been refinanced by Harp lenders in the past with a rare exception of having refinanced a Fannie Mae loan prior to 31st May 2009.
The loan to value (LTV) at the date of application or consultation should be higher than 80%.
These are not absolute terms of qualifying as Harp 2.0 lenders across the country may have other overlays or statutes mandating the approvability.

When you are looking at Harp refinance lenders, the first thing that you should have is a comparison website or a resource which can help you to assess various Harp lenders. A lender who is ideal for someone you know may not be ideal for you. Here are a few facts that you should bear in mind while analyzing the Harp 2.0 lenders.

Harp 2.0 lenders have been offered greater protection by Fannie and Freddie in case of loan defaults. This has increased the number of Harp 2.0 lenders who would be interested in offering you a mortgage.
Those looking for a refinancing plan for 15 years or 20 years can enjoy a significant cut on lender fees as per new provisions by which Fannie and Freddie have waived off the charge to lenders for high LTV loans. Hence look for a low lending fee.

Income requirements have been relaxed thus a lender that doesn’t have stringent criteria for qualification would be more desirable.

Whether you have a good credit score or not, you should ideally look for a lender that has generous credit score requirements. Many lenders have relaxed this criterion hence a low credit score is not an automatic disqualifier anymore.

Check if the Harp 2.0 lenders are offering a reduction in the monthly payment that you have been used to, if there are benefits in the loan such as an adjustable rate being converted to a fixed rate or a reduction in the interest rate and if there is a reduction in the repayment term.

For more information you can visit us at http://hypoteclending.com or http://mortgage-broker.co and contact us.