by Brian Berman on March 8, 2010

Mortgage Atlanta 8-second Questionnaire

Mortgage Atlanta provides the
Best Rates at the Best Price!Have us contact you today if you are interested in:
Purchase, Refinance, Debt Consolidation
FHA, VA, Conventional, Jumbo

If Georgia is your home
Mortgage Atlanta should be your lender!

678-564-1522
Email: info@mortgage-atlanta.com



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Mortgage Atlanta, LLC. 1770 The Exchange SE, #280. Atlanta GA 30339. Phone: 678-564-1522 info@mortgage-atlanta.com

HARP 2.0 FAQs

by Brian Berman on January 27, 2012

HARP FAQ:

  1. What is HARP?
  2. How do I know if my loan qualifies for a HARP refinance?
  3. Do I have to use my current lender to take advantage of HARP?
  4. I am upside down on my mortgage, can I still refinance with HARP?
  5. Do I have to pay closing costs?
  6. Will I need an appraisal?
  7. I have a second mortgage or a Home Equity Line of Credit can I still refinance with HARP?
  8. What are the income requirements?
  9. I don’t have a Fannie Mae or Freddie Mac loan, can I still refinance under HARP?
  10. I have had a bankruptcy or a foreclosure in the past, can I still refinance under HARP?
  11. I am making less money now, can I still refinance under HARP?
  12. Is there a minimum credit score?
  13. Do I have to have reserves or assets?
  14. I am self employed and my reported income is low, can I still refinance under HARP?
  15. Can I refinance an investment property or second home?
  16. I have PMI can I refinance?
  17. I was originally told I don’t qualify for HARP what can I do?
  18. How long will it take to close?
  19. What documents are needed to close?
  20. My property is on the market to be sold, can I still refinance?
  21. Should I use a broker, lender or bank for my HARP refinance?
  22. When does this program end?
  23. My loan is a JUMBO loan, what do I do?
  24. Can I add or remove a borrower or co borrower from my loan?
  1. What is HARP?
    1. HARP stands for Home Affordable Refinance Program.  It was designed to assist homeowners in refinancing their current mortgage, even if they owe more than the home’s current value.  The goal is to put responsible borrowers in a better position by: reducing their monthly payments; lowering their interest rate; reducing the amortization period or moving them from a more risky loan such as an Interest-only or ARM to a more stable product like a Fixed-Rate Mortgage
  2. How do I know if my loan qualifies for a HARP refinance?
    1. There are a few steps you can take to figure out if your loan qualifies:
        1. Your loan has to have started before June 1, 2009
        2. Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac (To find out if your loan is Owned or Guaranteed by Fannie Mae or Freddie Mac Click HERE)
        3. If your loan started before June 1, 2009, but your loan does not appear on Fannie or Freddie’s website call your current lender and ask them “who owns your loan?”  On more than one occasion Fannie or Freddie has misspelled a street name or had a typo in the information, which is easily fixable.
  3. Do I have to use my current lender to take advantage of HARP?
    1. NO! You do not have to use your current lender to take advantage of this program.  This is a common misconception- We have often found that current lenders or banks have much higher rates and costs for this program than brokers do!  Because of the volume of loans that Mortgage Atlanta does, we offer our clients discounts on HARP loans as well!
  4. I am upside down on my mortgage, can I still refinance with HARP?
    1. YES! Under the HARP program there is no limit on the LTV – (Loan to Value) on most of the HARP refinances.  That means if your loan amount is, for example, $200,000 and your current value is $150,000you can still qualify!  This is the right program for you!
  5. Do I have to pay closing costs?
    1. Mortgage Atlanta has many options when it comes to  HARP refinance.  We have many No Closing Cost options, as well as Lower Cost Options, for you to choose from.  When you speak with your loan specialist let them know you would like to explore your options!
  6.  Will I need an appraisal?
    1. For most borrowers the answer is NO.  Both Fannie Mae and Freddie Mac have set up computer models in their underwriting system that will tell your Mortgage Atlanta HARP specialist if you need an appraisal.  If you are refinancing into a Fixed Rate Mortgage most people will not need an appraisal.
  7. I have a Second Mortgage or a Home Equity Line of Credit (HELOC) can I still refinance with HARP?
    1. YES- when you are speaking with your HARP specialist make sure to tell them you have a 2nd mortgage or HELOC up front.  When you have a mortgage in second position you have to get permission from the second mortgage holder to refinance the first.  This is called Subordination.   This is usually a simple process but every second mortgage lender has a different process.  Your loan specialist will help coordinate your subordination for your refinance.
  8. What are the income requirements?
    1. For many borrowers, who are lowering their payments, the lender will not require documentation of income.  Some lenders may have overlays or ask for some verification of income.  All lenders will do a verbal verification of employment before closing.  If your payment is increasing by more than 20% a full income underwriting will be performed.
  9. I don’t have a Fannie Mae or Freddie Mac loan can I still refinance under HARP?
    1. If you looked online and your loan is not owned by Fannie Mae of Freddie Mac call one of our loan specialists at Mortgage Atlanta and we will walk you through the steps to see if you qualify!
  10. I have had a bankruptcy or a foreclosure in the past, can I still refinance under HARP?
    1. YES!  HARP 2.0 allows you to refinance your property if you have had some credit problems in the past.  Even if you had a Bankruptcy or Foreclosure in the past 12 months you can still refinance under this program.
  11. I am making less money now, can I still refinance under HARP?
    1. YES!  Most borrowers will have limited income documentation requirements.  Unless your payment is going up by more than 20% you will most likely not have to document your income.
  12. Is there a minimum credit score?
    1. For the most part the answer is no, there is not a minimum credit score for  HARP 2.0 refinance.  Many lenders will be putting their own restrictions on this, so it’s best to check with one of Mortgage Atlanta’s HARP experts to make sure you qualify!
  13. Do I have to have reserves or assets?
    1. The general answer is NO.  Each HARP refinance is run though a computer system.  The system will indicate if you are required to have any reserves in order to refinance.   In general HARP waives most reserve requirements.
  14. I am self employed and my reported income is low, can I still refinance under HARP?
    1. With Mortgage Atlanta you should still be able to refinance under HARP 2.0.  We are able to get income waivers for most of our self employed borrowers.  It is always best to go over this with one of our HARP Specialists to see if you can get an income waiver.
  15. Can I refinance an investment property or second home?
    1. YES! HARP 2.0 allows you to refinance any type of occupancy property.  As long as your loan is owned by Fannie or Freddie, Mortgage Atlanta allows you to take advantage of this program.
  16. I have PMI can I refinance?
    1. YES you can!  The mortgage insurance companies have all come up with plans to work with Mortgage Atlanta to help you refinance your home loan at a lower rate!  In the past there have been a number of obstacles that prevented this, but under the new program most are eliminated!
  17. I was originally told I don’t qualify what can I do?
    1. You should call one of Mortgage Atlanta’s  HARP specialists and go over your unique loan scenario.  Often times other lenders over look things and we pay special attention to your needs and do everything we can to get your loan refinanced.
  18. How long will it take to close?
    1. We are already starting to have an increase in refinance volume, because of HARP 2.0.  Some lenders turnaround times are 7-10 days, while others are much longer.  Your HARP specialist will guide you to the right lender to meet your individual refinance goals and lay out a timeline that is reasonable.
  19. What documents are needed to close?
    1. Each loan is different.  Some borrowers will be eligible for income waivers and others may have to show their last 2 years tax returns.  One item you should try and look for is the NOTE you received, when you originally took out your loan.  Most lenders will need this to verify you qualify for the loan.
  20. My property is on the market to be sold can I still refinance?
    1. Most lenders will allow you to refinance under HARP 2.0 if your house is on the market.  Be sure to let your loan officer know up front, so they can make sure to use a lender that will not penalize you for having the house on the market.
  21. Should I use a Broker, Lender or Bank for my HARP refinance?
    1. Mortgage Atlanta recommends talking with one of our HARP specialist to determine what the best course of action is to save you the most amount of money.  Mortgage Atlanta is a broker in the state of Georgia.  As a broker, we have a duty to offer the best rates and closing costs to our clients. We want you to be so happy with our service that you can’t wait to refer your friends and family to Mortgage Atlanta.
  22. When does the HARP program end?
    1. HARP 2.0 officially ends April 2014.  Rates are at historic levels why pass that up? Call us today to start the process!
  23. My loan is a JUMBO loan what do I do?
    1. There are many refinance options for JUMBO loans.  In some cases you may qualify for the HARP refinance.  You should call Mortgage Atlanta today and find out which programs you are eligible for.
  24. Can I add or remove a Borrower or Co Borrower from my loan?
    1. It is possible to add or remove someone from the loan.  The process to do that can be a little delicate.  You can remove a borrower from the loan only under certain circumstances.  To best determine if you meet these requirements talk with one of our loan officers today!

 

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Mortgage Atlanta, LLC. 1770 The Exchange SE, #280. Atlanta GA 30339. Phone: 678-564-1522 info@mortgage-atlanta.com

HARP 2 (Home Affordable Refinance Program)

by Brian Berman on January 16, 2012

Late last year the government along with Fannie Mae and
Freddie Mac
announced plans for a new version of their HARP program.  HARP has been around for a few years and allowed home owners with Fannie Mae or Freddie Mac loans to refinance with expanded guidelines.  The new version, or HARP 2.0, eliminates most of the bottlenecks home owners were having with version one.

Here are some of the highlights to this program:

  • No limit on Loan to Value
  • Most loans will not need an appraisal
  • Even if you have a second mortgage we can still
    refinance the first
  • If you currently have PMI or MIP we can refinance
    your loan
  • Limited income documentation
  • Limited credit requirements
  • Even if you have been turned down in the past
    Mortgage Atlanta may be able to help you lower your payment under this new
    program.
  • You can change lenders and save even more
    sometimes!

Mortgage Atlanta has teamed up with a number of lenders to
offer the HARP program at the best rates and lowest closing costs around.  If you want to find out how you can qualify
for this loan call us at 678-564-1522.

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Mortgage Atlanta, LLC. 1770 The Exchange SE, #280. Atlanta GA 30339. Phone: 678-564-1522 info@mortgage-atlanta.com

Guide to Down Payment

December 31, 2011

When applying for a home loan one of the first things to contemplate is your down payment.  You should spend some time discussing the different down payment requirements with one of Mortgage Atlanta’s loan specialist.  Depending on the type of loan you are applying for the requirements will be different.  Some loans allow your entire […]

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HARP – Making Home Affordable Streamline Refinance

May 29, 2011

    HARP or Streamline Refinance was created under the “Making Home Affordable” program administered by Fannie Mae and Freddie Mac.  Making Home Affordable offers strong options for homeowners to refinance into lower rate mortgages. The number one objection to refinancing right now is people don’t think they can qualify for a lower payment.  HARP […]

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Mortgage Atlanta’s Guide to FHA Loans

May 29, 2011

Federal Housing Administration (FHA) loans are a great way for people to buy or refinance a home.  The FHA is a division of the US Department of Housing and Urban Development (HUD) The FHA was created in 1934.  The mission of FHA is to promote home ownership.  FHA insures our loans so Mortgage Atlanta can […]

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