Phase One of Fannie Mae’s Home Affordable Refinance Program is Under Way

April 15th, 2009 Categories: Mortgage Update

Lenders got phase one of Fannie Mae’s Home Affordable Refinance Program (HASP) under way last week. HASP’s objective is to reduce the number of additional foreclosures in the United States. Freddie Mac has a similar program called the Relief Refinance Mortgage. Phase One highlights:

Customers can refinance their existing mortgages up to 105% of current value
This 105% is regardless of occupancy…..primary residence, second home, and investment properties are included.
Current loan must be an existing Fannie Mae or Freddie Mac held loan.
Current loan must be in lenders existing servicing portfolio….. and cannot have been sold to another servicer. (I expect this to change within the next few weeks).
No mortgage insurance is required.
Current loan cannot have mortgage insurance on it.
Borrower must be benefiting from refinance………..lower payment or move to a more stable product.
Loan amount is limited to $417k with no cash out allowed. It can include closing costs with the Fannie Mae version or up to $2500 in closing costs for the Freddie Mac version.
If current loan has an existing home equity (2nd trust), the second trust holder must agree to subordinating the second trust and they may or may not agree to this. A 2nd trust cannot be rolled into the new loan.
Some loans may NOT require an appraisal.

In other mortgage news, conforming plus loans are still only being done at a maximum loan amount of $625,500 but should be increasing to $729,750 in the very near future. And finally, rate updates this week for 30 yr. fixed loans:

FHA/VA below $417k and below – 4.875% with 0 points.
FHA/VA above $417k to $729,750 for FHA and $812k for VA 4.875% with 1 point.
Conventional conforming $417k and below – 5% with 0 points.
Conforming plus from $417k to $625,500 – 5.25% with 1 point.
Jumbo over $625,500 – 6.125% with 1 point.

To see my complete report, click here.

Rob Clark, Preferred Mortgage

Thanks Rob, for this timely information.

This entry was posted on Wednesday, April 15th, 2009 at 2:33 am and is filed under Mortgage Update. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posts about How to Refinance Your Mortgage as of April 15, 2009 | Mortgage Refinance said at April 15th, 2009 at 4:09 am
[...] Real Estate Investing, Refinance, Refinancing Filed under Mortgage Refinance by piusvic Phase One of Fannie Mae’s Home Affordable Refinance Program is Under Way – gwslepthere.com 04/15/2009 Lenders got phase one of Fannie Mae’s Home Affordable Refinance [...]
T. Martin said at May 19th, 2009 at 1:41 pm
So when does this Phase 2 that I was told about go into effect?
Michael said at May 22nd, 2009 at 8:01 am
Unfortunately we don’t have information yet on when Phase 2 will go into effect. Please stay tuned for our latest updates.

Michael
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Phase One of Fannie Mae’s Home Affordable Refinance Program is Under Way

Customers can refinance their existing mortgages up to 105% of current value

This 105% is regardless of occupancy…..primary residence, second home, and investment properties are included.

Current loan must be an existing Fannie Mae or Freddie Mac held loan.

Current loan must be in lenders existing servicing portfolio….. and cannot have been sold to another servicer. (I expect this to change within the next few weeks).

No mortgage insurance is required.

Current loan cannot have mortgage insurance on it.

Borrower must be benefiting from refinance………..lower payment or move to a more stable product.

Loan amount is limited to $417k with no cash out allowed. It can include closing costs with the Fannie Mae version or up to $2500 in closing costs for the Freddie Mac version.

If current loan has an existing home equity (2nd trust), the second trust holder must agree to subordinating the second trust and they may or may not agree to this. A 2nd trust cannot be rolled into the new loan.

Some loans may NOT require an appraisal.

Thanks Rob, for this timely information.

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