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Elite HARP Open Access Relief

Elite HARP Open Access Relief

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Published by AccessLending
The Elite Freddie Open Access offers better pricing than our Open Access through Freddie Mac for Underwater Homeowners.
The Elite Freddie Open Access offers better pricing than our Open Access through Freddie Mac for Underwater Homeowners.

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Categories:Business/Law
Published by: AccessLending on Feb 20, 2013
Copyright:Attribution Non-commercial

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02/28/2014

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Underwater On your Mortgage?
ELITE 
HARP 2.0 FREDDIE OPEN ACCESS RELIEF RETAINED
Effective Date:February 19, 2013Description:
 The
Elite
 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.
Description:
 
 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
Owner Occupied
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 $1,451,925>$967,950$967,950>$645,3003 2>$533,650$800,775>$800,775$1,202,150$938,250>$625,500$625,500>$417,0001 Max Loan AmountMin Loan AmountMax Loan AmountMin Loan AmountUnits
Continental U.S
30 & 15 Year Fixed HIGH BALANCE
Alaska, Hawaii
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ELITE 
HARP 2.0 FREDDIE OPEN ACCESS RELIEF RETAINEDContinued
Product Code:
Product CodeLoan Term
CCSF15-FR-OpenAccEliteCCSF20-FR-OpenAccEliteCCSF30-FR-OpenAccElite15 Years Fixed20 Years Fixed30 Years Fixed
Program Eligibility:
Purchased by FHLMC prior to June 1, 2009 with LP Relief Open Access Findings Linkto see if Freddie ownedwww.freddiemac.com/mymortgage
Derogatory Credit:
Mortgage lates- 0x30 in last 6 months. 1x30 during 7-12 months. If the Mortgagebeing refinance was a Restructured loan, it is not eligible to be refinanced as anOpen Access loan
Borrower Eligibility:
Occupant borrowers can be added or removed with at least 1 borrower on noteremains; Non-Occ co-borrowers cannot be added on to owner occupied loans-okfor investment properties
Ineligible Properties:
No Manufactured homes.
 
No Homes converted to commercial or business use.See condo requirements for additional restrictions
Appraisal Requirements:
 
Appraisal Waiver's will be honored - 1-2 Units All Occupancies- HVE (Home ValueExplorer) value on LP Findings can be used, but if lower, LP must be rerun orappraisal requested. If the findings allow us to use the HVE value, then we DO NOTneed to document anything further on mixed use. If the findings require anappraisal, then we need to follow their standard mixed use guidelines.For Appraisal Waivers a Property Valuation Report (PVR) must be obtained at a $200cost to the Borrower. 
Underwriters-Closing. Warning- Any LP updates could cause waiver or loan approval todisappear. Please may very close attention. Freddie Mac does not allow any changes to the LPafter the Note date of new loan.
Insurance:
All insurance must be provided prior to final approval as any differences in costmay result in update of the LP, which can not be done after the date of the note onthe new docs. See"Special warning to all" for more information.
Loan Amount
 
Current loan Balance plus the interest due (does not include interest on new 
Calculation
loan) and 4% of the unpaid principle balance or $5,000, whichever is lower
 
Please Use the
Freddie Loan Amount Worksheet To Calculate The Loan Amount
Escrow/Impoud
Regardless of if original loan had impounds or not, Impounds are required in
Requirements:
California if LTV is over 90%and required in all other states if over 80%LTV
 
ELITE 
HARP 2.0 FREDDIE OPEN ACCESS RELIEF RETAINEDContinued
Condo Requirements:
If no appraisal an HOA cert is required to confirm:o The project is not located in a Hotel/Resort Project, houseboat project,timeshare project, or a project with fragmented or segmented ownershipo The number of units in complex.o If over 20 units a current Balance sheet and Budget are required todetermine Fidelity insurance requirements. See Fidelity Insurance LinkFidelityInsurance Requirements Underwriter to review all insurance prior to Final Approval foro Master Hazard Insurance with 100%Replacement Coverage on all projectsincluding 2-4 unitso Liability Insurance with minimum $ 1 Milliono HO6 for "Walls In" insuranceo Fidelity Bond if over 20 units in project seeFidelity InsuranceRequirementslinko Earthquake insurance for California Condo's- If Earthquake insurance isnot provided, underwriting must call Freddie Mac at 1-800-373- 3343 for a waiver.Freddie Mac will mail waiver which must be in file.
Subordinate Financing:
New subordinate Financing not allowedSubordinate Financing payment must cover all interest due. Any subordinatefinancing that offers a choice of a payment less than the interest due, or anylanguage that says Negative Amortization is possible, would NOT be eligible to besubordinated.
Qualifying Ratios:
Max 50%
Documentation Type:
 
Full Documentation per LP
Occupancy:
 
Owner Occupied
Assets:
 
Per LPThere is no requirement to address large deposits or increases in balance, orprovide proof of liquidation of funds.
Reserves:
 
Per LPThere is no requirement to address large deposits or increases in balance, orprovide proof of liquidation of funds.
Limitations on other
Unlimited.
Real Estate Owned:Mortgage Insurance
Available on loans with existing MI except TRIAD MI. Need MI Company Name and
Transfer:
Current Certificate number. Please Note Lender Paid Monthly MI is not allowed, Itmust be converted to Borrower Paid Monthly Branch must verify with existing MIcompany what type of MI the borrower has and what the new MI factor and monthlypayment will be in order to correctly disclose and avoid GFE/TIL violations anddelays SeeHARP MI transfer guidelink for additional infoPlease Note: LP HARP Loan Findings listing "California Housing Loan InsuranceFund" as the MI provider will need to be brokered as APMC cannot obtain a copy of the master policy.
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