The new HARP 2.0 refinance program is finally being rolled out by a few lenders Utah and Salt Lake City. This is a program to help homeowners who might be underwater with their mortgage balance being higher than the value of their home.

Many lenders are having some challenges getting their guidelines formalized with their software and underwriting programs. HARP mortgages are backed by Fannie Mae and Freddie MAC and the underwriting process will be very similar to that of any other Utah conventional loan. Be prepared to gather the same financial documents and sign the same application and disclosures - but they have changed the program from the original HARP program to make it easier for home owners to qualify. . Here are some of the basics of the program...

If you are interested in the HARP 2.0 refinance, there are a few steps you should take to to make sure your HARP application gets through underwriting quickly.

• Make sure your loan is a Fannie Mae or Freddie Mac loan.
  Is your loan backed by Fannie Mae? Click here to find out.. If a match is not found at Fannie Mae Look Up then try the Freddie Mac look up. Mortgages not listed on either lookup site are not backed by Fannie Mae or Freddie Mac and therefore are not HARP eligible.
• Determine if your mortgage is old enough Your loan must have been closed and funded before June 1, 2009. You can check when you closed your loan by looking at the settlement statement when you purchased or refinanced your home. This will be in the stack of documents you got from your title company.
• Determine what type of Private Mortgage Insurance (PMI) you have
  HARP was designed to help homeowners with or without PMI, but if you have Lender Paid PMI you are not eligible for HARP. Lender PMI is mortgage insurance that is built into your rate. If your mortgage statement itemized your monthly PMI then you have Borrower Paid mortgage insurance and are eligible for HARP. Also if you paid 20% down payment and were not required to have mortgage insurance then you are still eligible.
• No Late Payments in the last six months
  HARP 2.0 requires that you made your last six months of mortgage payments on time. And you can't have more than one 30-day late payment in the last 12 months. This information will be on your credit report so you should talk to a mortgage professional to help you review your credit report prior to submitting your loan application.
• Find and organize your supporting paperwork
  You will be required to provide bank statements, a drivers license, homeowners insurance information, pay stubs and W-2s. If you are self-employed, you will have to provide at least two years of tax returns to verify your income.

If you would like more information about Utah HARP 2.0 refinance program, please feel free to give me a call. 801.550.1222... Linda Miller

Today's Best Available Rates in Utah
?30 Year Fixed Conventional - 3.875% but with higher closing costs you can get 3.750%
?30 Year Fixed FHA/VA - 3.75% with higher closing costs. 3.875% with no origination fee
?15 Year Fixed - 3.375%

For More Info on what market factors affect interest rates, check out my Mortgage Commentary.
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I'm Linda Miller, a Smart Loan Lady and Your Preferred Utah Mortgage Advisor
Call me at 801.550.1222
NMLS #39250
www.utahmortgageadvisors.com

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