Harp 2.0 Open Access Question...
I own a a primary residence in Las Vegas. My LTV is probably 200% (239K mortagage, 120K value). My loan is backed (not sure if that is the correct terminology) by Feddie Mac. My servicer is Provident Funding who does participate in HARP and basically just blew me off when I discussed a refinance. My only recourse is another lender through HARP 2.0 Open Access. Both Wells Fargo Home Mortgage (WFHM) and Amerisave have told me that they are only doing a HARP 2.0 Fannie Mae Open Access. WFHM specificaly told me "Freddie Mac is working on rolling out their guidelines, they are just a little slower than Fannie Mae in getting it done." and "the date of release for Freddie Mac non WFHM Customers is tentatively slated for after the summer to open to customers who are in your situation.".I've spent so much time researching HARP 2.0 Open Access/Freddie Mac and it's frustrating that I can't seem to get any definitive answers. Has anyone had any success or can they shed any light on this issue? I'm tempted to just walk away by tomzin_798_979 from Las Vegas, Nevada. Apr 2nd 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
I can tell you that what your hearing is completely false... HARP 2.0 for Freddie and Fannie was up and running since the 17th of March... There are lenders out there doing unlimited Loan to Value, and none of the "Big Banks" are doing them... Contact a LOCAL Mortgage Broker, not one of those 50 states or internet lenders, and apply with them.. the broker has access to numerous lenders and can find the right loan product for your particular scenario... WilliamAcres.com
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
That is completely untrue. We are handling Freddie Mac HARP 2.0 loans and have been for two weeks now. Give me a call we can help you. 888-320-7888 - www.MortgageWholesale.net - Ken
Melvin List (melvinlist)
#143 ranked lender in Florida - 124 contributions
I would contact a local mortgage broker approved in your state. Freddie Open Access is out and you should be able to find someone to help you. I only lend in the state of Florida.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Although there are many similarities between the Fannie and Freddie programs, there are distinct differences. As of today, most lenders that are offering either or both programs are capping the maximum LTVs at either 125% or 150%. And a few have just opted out from participating. Generally, if a lender is telling you Freddie can't, what they really mean is they don't want to. This is what you need to do. Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Al McGhee (Al.McGhee)
#542 ranked lender in California - 18 contributions
I work for a Direct Lender, SecurityNational Mortgage here in Henderson, NV. Our company is in the process of finalizing our agreement to sell our loans directly to Freddie Mac. We have been told that it should happen shortly, I would love to help you when this happens. Because of our direct flow to both Fannie and Freddie we have very few overlay guidelines on owner occ and 2nd homes. Don't give up Freddie Mac loans will be just around the corner.
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