Underwater On your Mortgage?
HARP 2.0 FREDDIE OPEN ACCESS RELIEF RETAINED
Effective Date:February 19, 2013Description:
Freddie Open Access offers better pricing than our Open Access with thefollowing restrictions:1. Owner Occupied Only2. 105%LTV/135%CLTV3. Minimum 660 FICO3. Minimum 660 FICO 4. Max 50%DTI4. Max 50%DTIMax Benefits also include1. 100%Delegated2. Will accept MI transfer3. Can Use Appraisal or HVE Waiver
Special Warning to All:
Freddie Mac does not allow any changes or updates to the LP findings afterthe date of the note. Also, any changes made prior to the note date, evenminor, changes can cause an Accept Approval or Appraisal waiver todisappear. Freddie Mac is not very forgiving on these issues and it is a largereason why few investors or lenders want to take the chance on closing a loanwith no equity that Freddie Mac will refuse to buy. To avoid last minutechanges to the LP, there should not be any conditions moved to funding thatmay need the LP to be updated and rerun.
These are the maximum potential loan limits for designated high-cost areas.Actual Loan Limits are established for each county (or equivalent) and the loanlimits for specific high-cost areas may be lower. The original principal balance of aMortgage must not exceed the maximum loan limit for the specific area in whichthe Mortgaged Premises is located. For specific loan limits for each high cost area,as released by the Federal Housing Finance Agency, visit:https://www.efanniemaecom/sf/refmaterials/loanlimits/Click on: 2012 Conforming Loan Limits by areatoward the top. Click on: On the bottom of this matrix is a Tab for 2012Conforming Loan Limits. Hit Control/Letter F/Number 1- type in county
Rate and Term Refinance
UnitsMax Loan AmountMax LTV/CLTVDTIMinimum FICO1234$417,000$533,650$645,300$801,950105/135105/135105/135105/13550505050660660660660$1,804,375>$1,202,925$1,202,925>$801,9504
Max Loan AmountMin Loan AmountMax Loan AmountMin Loan AmountUnits
30 & 15 Year Fixed HIGH BALANCE
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