HARP 2.0: FANNIE MAE REFI PLUS AND DU REFI PLUS
We are pleased to announce that guidelines for Fannie Mae’s expanded Home Affordable Refinance Program (HARP 2.0) are now available. Pricing will not become available until March 20 at the earliest. DU will be updated on March 17 to recognize the expanded parameters available under HARP 2.0, and to expand Property Inspection Waiver offerings.
Applications should not be taken until pricing is available, as we cannot disclose accurately.
HARP 2.0 guidelines will apply to applications taken on and after 12/01/11 for the refinance of loans delivered to Fannie Mae prior to 06/01/09.
This is similar to the existing Refi Plus and DU Refi Plus program; however it now allows for unlimited LTV/CLTV’s in most cases; and DU will expand its Property Inspection Waiver offerings.
Refi Plus may only be offered on loans currently serviced by Guild; DU Refi Plus must be used on loans currently serviced elsewhere; and may also be used on loans currently serviced by Guild.
Recommend that Guild-to-Guild refinance loans are run through DU first to see if a PIW is offered. If not, should be flipped to a Refi Plus (manual underwriting.
Please review the attached guidelines.