Phil Grossfield's Blog


HARP 2.0 – Enhancements to DU Refi Plus

HARP 2.0 – Enhancements to DU Refi Plus
Effective Monday, March 19

    • Unlimited LTV/CLTV for Owner-Occupied Properties Fixed-Rate
    • NOO:  105% LTV – 110% CLTV
    • ARMs:  105% LTV/CLTV, regardless of occupancy
  • Minimum Credit Scores:
    • 660 Owner-Occupied
    • 680 Second Home & NOO
  • Appraisal Waivers accepted with $75 waiver fee
  • Net Tangible Benefit required: 
    • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
  • Loans that currently require MI are not eligible.
  • Application dates on or after 12/1/11
  • Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

  • There is no flood fee, tax fee, etc.
  • Appraisal Fees may be reimbursed at closing. 
  • Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
  • YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

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