Minneapolis, MN: The much anticipated new version of the HARP Refinance Program (HARP 2) is now in effect, making it one heck of a lot for home owner who have lost value in their homes to refinance their mortgage into today's low mortgage rates. The two biggest guideline changes to the HARP 2 program include the POSSIBILITY of unlimited Loan-to-Value and the POSSIBILITY to refinance even if you have Private Mortgage Insurance (PMI). This opens up financing opportunities for seriously upside home owners who have kept up with their current mortgage obligations. There is a LOT of misinformation out there... I keep hearing silly things like "the government" is paying your closing costs, and there is no appraisal. The reality is NO LENDER ANYWHERE can promise you a HARP 2 refinance approval WITHOUT having a full application and submitting that application through either Fannie Mae or Freddie Macs automated underwriting computers (AUS). You "may" qualify for an appraisal waiver - and lenders will roll in the closing costs...
Be sure you are working with a licensed local loan officer, not some hype machine! Want Minnesota's Best HARP Mortgage Interest Rates? Visit www.MinnesotaBestRates.com. Don't gamble with your credit. Don't get calls from 20 Loan Officers. Get a FREE QUOTE from ONE Licensed Professional Loan Officer.
Source: http://joemetzler.activerain.com/post/3047573/details-of-harp-2-refinance-program-in-wi-and-mn
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