HARP II Refinance Applications. You can submit your new loan application for HARP II refinance loans. These loans offer refinance of first mortgage loans current over the last 12 months owned (not serviced) by Fannie Mae and Freddie Owned loans with fund dates prior to March 2009. #CalPropRE #MMSToday #MichaelAFoote
These loans offer zero limitation on Loan to Value and Combined Loan to Values. Second liens can be subordinated to the new first mortgage. credit score, debt to income ratios and assets requirements have been drastically reduced. Rates are sub 4% for some applicants.
In other news lenders are tightening on some programs, notably Fannie Mae will begin requiring 12 months assets for certain primary residence and investment refinances.
Rates overall are slightly higher over the last couple weeks, but are still remarkably attractive from historical perspectives.
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