HARP REFINANCE REPLACEMENT! High Loan-to-Value Refinance Option

Posted by Kim Jones-Zweig on Monday, February 18th, 2019 at 3:16pm.

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HARP REFINANCE REPLACEMENT!  High Loan-to-Value Refinance Option

The High Loan-to-Value (LTV) Refinance loan option provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time, but whose LTV ratio for a new mortgage exceeds the maximum allowed for standard limited cash-out refinance options.

The High LTV refi option replaces the Home Affordable Refinance Program (HARP), which ended Dec. 31, 2018.

Borrowers must benefit from the refinance in at least one of the following ways:

  1. Reduced monthly principal and interest payment

  2. Lower mortgage rate

  3. Shorter amortization term

  4. More stable mortgage product, such as moving from an adjustable-rate mortgage to a fixed-rate mortgage

ARE YOU ELIGIBLE?

  1. Only an existing Fannie Mae mortgage may be refinanced to a new Fannie Mae mortgage.

  2. The Note Date of the mortgage being refinanced must be on or after Oct. 1, 2017.

  3. At least 15 months must have passed between the Note Date of the mortgage being refinanced and the Note Date of the high LTV refi mortgage.

  4. You must be current with their payments and have:

    1. No 30-day delinquencies in the most recent six months, and

    2. No more than one 30-day delinquency in the past 12 months and no delinquency greater than 30 days.

The mortgage being refinanced cannot have been refinanced under HARP previously.  You can refinance using the high LTV refinance option more than once as long as all other requirements, including seasoning, are met.

Mortgage insurance (MI) must be transferred to the new loan. If MI is not in place for the loan being refinanced, it is not required for the new loan if all other eligibility requirements are met may be necessary for certain scenarios.

Contact me to find out if you can save on your mortgage!

Kim Jones-Zweig

Senior Mortgage Banker

Top Producer and

MBAG Platinum Award Member

Fidelity Bank Mortgage 304 Tribble Gap Road, Suite 200 Cumming, Georgia 30040 p: 678.468.4046 | f: 678.829.0612 e: kim.jones@lionbank.com w: www.kimdjones.com

NMLS# 545217

Senior Mortgage Banker
Top Producer and
MBAG Platinum Award Member
Fidelity Bank Mortgage
304 Tribble Gap Road, Suite 200
Cumming, Georgia 30040
p: 678.468.4046 | f: 678.829.0612
e: kim.jones@lionbank.com
w: www.kimdjones.com

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