HARP 2 is Here! 

HARP 2 has been officially released, and the benefits are amazing:

• Refinance your first mortgage despite being underwater
• If you have a second mortgage, you can still have unlimited mortgage debt
• Bypass the appraisal in some cases
• Reduce your closing costs if you select a shorter mortgage term (i.e. a 20 year note instead of a 30 year note)

To learn more about this program, read the HARP 2 announcement and the HARP 2 FAQ.

Fannie or Freddie Owned?

The first step in knowing if you will qualify for this program is to determine if your loan is owned by either Fannie Mae or Freddie Mac. To do so, go to these two links and check your property address. You must enter your address exactly as it appears on your mortgage. If you don’t get a positive result, don’t be afraid to try it again.

• Fannie Mae lookup:  www.fanniemae.com/loanlookup
• Freddie Mac lookup: www.freddiemac.com/mymortgage

The Next Steps

The next steps involve verifying your credit history and reviewing your documentation. In order for us to do a complete review, please follow the following two steps:

CREDIT

Fill out, sign and return by email or fax the Credit Authorization forms which you can download here. 

These forms will allow us to order your mortgage-ready tri-merge credit report. The total of the credit report is approximately $44. This costs less than ordering it directly from the credit bureaus, and a credit report that you’ve received from another source cannot be accepted due to chain of custody issues. (This should take you about 5 minutes.)

DOCUMENTATION

Send me the following documentation for review (you can email them to me as a PDF attachment or fax them to our office):

• Bank, investment and retirement statements – most recent covering a 60 day period for your checking, savings, investment and retirement accounts. The only acceptable formats are copies of the statements you get in the mail, or the PDF version of your statement from your bank’s website. If your statements say “Page 1 of 8”, make sure all 8 pages are included.
• Paystubs – most recent 30 day consecutive period (example: 1/15/12 to 2/15/12)
• W-2s & 1099s – 2010 & 2011
• Tax returns (all schedules) – 2010 & 2011
• Latest mortgage statement
• Latest home owner’s insurance bill
• Driver’s license, passport or other picture I.D. (for identification purposes)

Send the above information to Dean@DeanHayes.com or fax it to 866-483-2952.

Contact me if you have any questions.