HARP 2013 – What Is the Latest With HARP in 2013?

The HARP loan program (short for Home Affordable Refinance Program) was set to expire in June of 2012.  As of now, the HARP program has been extended through the end of 2013.  There haven’t been any major changes set for 2013 that are official.  However, there is the possibility that a HARP 3.0 will be introduced.  This will make refinancing available to even more homeowners.

What are the benefits of HARP in 2013?

By far, the biggest HARP benefit is this à it  allows homeowners that may not previously have been able to refinance due to low equity or no equity the possibility of refinancing.  With a HARP loan, you may be able to refinance even if you owe more money than what your home is worth.  This applies whether you have only one loan or if you have a 2nd mortgage or equity line as well.

Also, there are other benefits as well.  For example, certain things we normally take into consideration such as debt to income ratios (your monthly housing liabilities with your monthly credit reported liabilities divided by your monthly gross income) are more relaxed.  In other words, we’re more tolerant than on a new conventional loan.

This is a big one – No appraisal is needed in many cases.

Who can take advantage of the HARP 2013?

Any homeowner that has a Freddie Mac or Fannie Mae owned loan that was acquired by these entities prior to May 31st, 2009.

You might be thinking, “well, since B of A (or any other lender/servicer) owns my loan, I must not qualify for HARP 2013”.

This is not true.  Any lender can service the loan.  For example, you might have a loan with Wells Fargo, but behind the scenes the investor may be Fannie or Freddie.

Contact me, Shawn Vaillancourt (National Mortgage Licensing System license # 387151) at  ShawnV@HarpLoan2013.info to find out if your loan is owned by either one of these entities.  If so, perhaps we can do a HARP loan for you in 2013.

To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info

America's #1 Trusted Source to Gov't Car Auctions

Shawn L. Vaillancourt

Loan Officer NMLS # 387151

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The Merkley Mortgage – A Pilot Version of Harp 3.0

Countless homeowners have been awaiting relief in the form of a HARP 3.0 mortgage.  Although nothing has been set in stone surrounding HARP 3.0, there is good news on the horizon.  This good news comes in the form of the Merkley Mortgage.

A new refinance program for homeowners that owe more than their home is worth has been approved for testing.

It’s nickname is the “Merkly Mortgage” rather than HARP 3.0 because it’s an idea that was first proposed by U.S. Senator Jeff Merkley.  The official name on the books is the Rebuilding American Homeownership Pilot Program.

As of now, this pilot program will be introduced only to homeowners that live in Multnomah County, Oregon.  Widespread thought among the mortgage industry is that this program will serve as a blueprint for programs like the long awaited HARP 3.

This program may be introduced as soon as April 2013 for homeowners in Multnomah County, Oregon.  Here is what it’s likely to do:

Eligible homeowners for the Merkley Mortgage will have 2 options – A) a new 30 year fixed at 5% OR B) a new 15 year fixed at 4%.

Eligibility as follows:

–          You owe more than what your home is worth

–          You have to be current on your mortgage

–          You cannot own any other residential property

–          You must have plans to stay in your home for at least 5 years

By the way, there are no requirements for your home loan to be owned by Freddie Mac or Fannie Mae (just like HARP 3 is touted to do).

Check back with www.HarpLoan2013.info periodically for HARP 3 updates or updates on the Merkley Mortgage AKA the Rebuilding American Homeownership Pilot Program (RAHPP) OR simply request to be added to our HARP 3.0 Waiting List @ ShawnV@HarpLoan2013.info

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Harp Qualifications – Wondering About Basic HARP Qualifications and Guidelines?

If you are looking for some information on the basic HARP Qualifications, you can find them down below.  Keep in mind, each lender may extend their own guidelines above and beyond the actual HARP guidelines / qualifications so if you have been told “no” for a HARP  loan I’d encourage you to talk to at least one or two more lenders.

  • Your current loan needs to be owned by Freddie Mac      or Fannie Mae.  Keep in mind, any      lender can service your loan and behind the scenes it might be owned by      Freddie or Fannie and you would not know it.  Use this link to look up Fannie -à www.KnowYourOptions.com.  Use this link to look up Freddie -à www.freddiemac.com/mymortgage
  • You cannot have already done HARP (However, HARP 3 might allow for a 2nd HARP refi).
  • This is a general guideline, but not a hard fast rule. You must be current on your mortgage, with no late payments in the past 6 months, and no more than one late payment in the past 12 months.
  • Your loan must be owned by Fannie Mae or Freddie Mac before June 1st, 2009.
  • You have to illustrate that you have the ability to repay the loan.
  • You cannot combine a 2nd mortgage or equity line of credit.  Any 2nd liens would need to be subordinated.

Again, these are just the basic HARP Qualifications.  To find out if you qualify, contact me to see if the publically traded lender I work for can help you out.  We are one of the more lenient HARP lenders out there.  Contact me at ShawnV@HarpLoan2013.info

To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info

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HARP 3.0 Program – What is HARP 3 ? Join Our Harp 3.0 Waiting List

The HARP 3.0 Program has been in the back of many people’s mind for quite some time dating back to the beginning of 2012.  Nothing has been announced officially yet, but we’re hoping it will be launched in the relative near future.  You can sign up for our waiting list, so that WE will contact you when the release of HARP 3 is announced.  This will save you from wasting valuable time shopping for the program.

What is HARP 3 Slated to Do?

First off, a revised HARP program would likely extend help to homeowners that have home loans that are NOT owned by Freddie Mac or Fannie Mae.  Here is a more detailed run-down of who HARP 3 would help:

  • A self-employed applicant that was able to utilize a      stated income loan for the original mortgage, but is able to document      their current income with federal tax returns.
  • A “prime” borrower who used a sub-prime      mortgage because mortgage rates were lower and/or fees were less as      compared to a conforming one OR because the paperwork was easier and you      got the same rates with no additional fees.
  • A jumbo mortgage homeowner who lives in a      “high-cost area” whose original mortgage was for between      $417,000 and $625,500.
  • A wage earner who used a stated income and/or stated      asset loan simply because it was easier and more convenient.
  • A previously Sub-prime borrower that has paid their      loan as agreed and can verify income and assets AND is now a credit worthy      prime/conventional candidate.

There are naturally more people that would benefit, but anything concerning HARP 3 is currently just speculation.  Homeowners and Loan Originators alike are anxiously awaiting the release of HARP 3.  IF you would like to be put on a HARP 3.0 waiting list, please email me at  ShawnV@HarpLoan2013.info and let me know.  I will contact you when there is something firm surrounding the HARP 3.

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Freddie Mac HARP Loans – After Denial, Should I Try More Than Once to Get a Freddie HARP Loan?

Freddie Mac HARP Loans – After Denial, Should I Try More Than Once to Get a Freddie HARP Loan?


Have you contacted your lender (or any lender for that matter) about a Freddie Mac HARP refinance?


If so, there is a strong chance that you have been turned down or turned away.  If this is the case, I’d recommend you continue to search.  The fact is, many lenders are not set up to do HARP loans on Freddie Mac owned loans and they only offer it to applicants that have loans that are owned by Fannie Mae (or Vice Versa).


Beyond that, many lenders add their own guidelines beyond the basic Freddie Mac guidelines set forth under the Home Affordable Refinance Program (HARP).  These are called investor overlays.  Really, it’s a way to cover their fannies and minimize the chances of buying the loan back if you happen to default after you get your new loan.


There are many different reasons you could have been turned down, but if you have a 620 or higher credit score & can illustrate that you have a reasonable ability to repay (job and verifiable income – call/email me for details), you should forge ahead and check with at least one more lender.  I’ve been able to secure these types of loans for people that have been turned down with other banks.  Also, I’ve worked at a different lender than what I do now and I’ve been the one to turn people down due to my previous employer’s more rigid guidelines.


The point is, try more than once.  The publically traded lender I work with tends to be one of the more aggressive Freddie Mac HARP lenders.


To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info


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HARP Loans and PMI – Can I Do HARP 2.0 if I Have PMI (Mortgage Insurance) Now?

HARP 2.0 with PMI – I’ve been told I can’t do the HARP Refinance because I currently have PMI.  Does that statement pertain to you?  If so,  That is hogwash! I’ve worked at lenders that opt not to do a HARP for folks that have PMI at present, but You can absolutely do a HARP if you currently have PMI.  Unfortunately, many lenders choose not do these transactions.  The publically traded lender I work for will absolutely do these types of HARP loans even if you do have PMI.

You simply need to get PMI (private mortgage insurance) modification.  We do all the work involved and it’s not really all that challenging and it doesn’t really add much extra time to the loan process.  I have many friends within the mortgage business that turn clients away every single day because their lenders & resources don’t allow them to execute this sort of transaction.

What a shame!  Literally thousands and thousands of folks are being told “no” on a HARP due to the fact that they have Mortgage Insurance.

I’d urge you to contact me asap to see if you qualify.  Don’t let the lowest mortgage rates in history pass you by.

Additionally, there are occasions when you can get an approval that may allow you to eliminate the PMI, but that’s not the norm.  I’d go to bat for you though.

Take the 1st simple step – See who the back-end owner of your loan is (Keep in mind that the bank that services your loan can be anyone and Freddie Mac or Fannie Mae can still own your loan and you would more than likely not know if that was the case unless you’ve already checked).

There’s two ways to confirm who owns your loan:

A)     Look it up yourself @ Look it up yourself @ https://www.knowyouroptions.com/loanlookup OR https://ww3.freddiemac.com/corporate/

If the result is a yes or if you’d rather have me check, the next step is to:

Contact me, Shawn Vaillancourt (National Mortgage Licensing System license # 387151) at  ShawnV@HarpLoan2013.info

To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info


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Fannie Mae Homepath – What is Fannie Mae’s Homepath?

Fannie Mae Homepath – What is Fannie Mae’s Homepath? The Fannie Mae Homepath has two components:

  1. It refers to a home or homes that are owned by Fannie Mae.  They are properties that were taken back by way of foreclosure or a deed in lieu of foreclosure because the previous homeowner did not maintain payments on their mortgage.
  2. The second component of Homepath refers to some of the loan possibilities offered to home buyers looking to purchase a home that is owned by Fannie Mae.

What are the benefits of buying a Homepath home?

From a lending or borrowing perspective, there are two primary benefits of purchasing one of these homes.  These Benefits are as follows:

  1. You can put down as little as 3% and NOT have to pay PMI (aka Private Mortgage Insurance).  This is a huge benefit.  PMI can cost a homeowner as much as $400 monthly depending on the loan  amount.  The rate is only a tiny bit higher than on a regular Fannie Mae conventional loan, so the Homepath approach can be much cheaper monthly than if you took a regular conventional loan and paid PMI.
  2. When you buy one of these homes, there is no appraisal needed.  This is huge.  Not only does it save time, but it reduces the stress involved concerning the home value.  If the home does not appraise for the same amount as the sale price, this can present problems or possible adjustments in the amount you need to bring to the table at closing.
  3. You can also get financing as an investor with just 15% down.
  4. The minimum credit score needed at present is just 640.

This can be a great opportunity for many folks to purchase a home with a very low down payment without any of the normal snags like PMI (or in the case of FHA, the MIP which can also be very expensive)

For further assistance regarding a Homepath mortgage, contact me, Shawn Vaillancourt (National Mortgage Licensing System license # 387151) at  ShawnV@HarpLoan2013.info

To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info

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Current Harp 2 Rates – Where Are HARP Rates & Where Are Rates Going?

When it comes to HARP 2 rates, it should be noted that rates (not just for HARP, but for all mortgage loans) change daily based on the performance of the bond market AND that rates on any mortgage loan vary based on many things.  For example, rates depend on things like the amount you owe relative to how much your home is worth, your credit score, the type of home, occupancy status, etc.

The company I work for mostly does “no cost” HARP loans.  In other words, we use a lender credit to cover the 3rd party fees such as title insurance, notary, escrow/closing agent, recording, etc.  The range over the last month of 2012 going into 2013 has been about 3.3%-3.75% (today is the highest it’s been since May, 2012).  Rates are a little lower on the 10, 15, and 20 year loans and of course they are a little lower if you’d rather not take a lender credit to cover the cost of the loan.

Outlook for HARP rates in the very short term:

HARP loan rates are expected to be at or near all-time lows for the first half of 2013.  As of today, January 3, 2013 we’ve seen an increase in rates due to increasing yields on the 10 year bond.  We’re hoping to buck the upward trend tomorrow when the new “nonfarm payroll” report comes out. Some bond traders are speculating the yield will go down again (which would reduce current harp loan rates) because it will illustrate that a subpar holiday shopping season confirms the recent bout of weak employment data.  Also, December job/uneployment reports can tend to be skewed and appear more favorable than they really are (due to temporary employment).

The best advice if you are looking to reduce your loan rate with a HARP refi is this:

Contact me, Shawn Vaillancourt (National Mortgage Licensing System license # 387151) at  ShawnV@HarpLoan2013.info  and we can evaluate your current scenario and see if now is the time to strike.

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