Do you need to be upside down to some degree to qualify for a freddie harp 2 loan?

Freddie Mac just issued an update on Sept. 14th which included an update on HARP loans with a LTV under 80%. The new regulation, which goes into effect Nov. 19 2012, allows for the Same Servicer (Original Lender/Current Servicer) to process a loan with a LTV under 80%, with the same less stringent rules used for a LTV over 80%.

There is no maximum CLTV. However, if your LTV is under 80%, and this is your only loan, I do not believe that you will be able to find a HARP loan.

I suggest that you speak to your lender about your refinance possibilities. Remember, even if you are eligible for a HARP loan, according to the MHA program and Freddie Mac’s guidelines, a lender does not have to give you the loan. The lender can establish stricter guidelines.

You do not need to be at all upside down to qualify for a Freddie HARP 2 loan. If your LTV is 80% or less, you may qualify for conventional financing or HARP, and you should compare rates and terms for to see which is best for your situation. Most HARP loans will not require an appraisal, so your costs can be lower and your processing time quicker.

The HARP program has no minimum or maximum LTV requirements, but many lenders have their own additional requirements. Many lenders are choosing to limit LTV to 105%, and the lender I work for has a limit of 150%. If your lender can't help you should shop around for one who will.

http://www.fhfa.gov/webfiles/22723/HARP%20release%...

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