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You won't need the luck of the Irish to refinance you underwater home in the Seattle (also known as the Emerald City) or anywhere in Washington after Saint Patrick's Day. The weekend of March 17, 2012 is when the next phase of HARP 2.0 will be officially released. And you may not need to wait until March for your HARP refinance; many are taking advantage of lower rates and refinancing now!
Per Fannie Mae's Release Notes issued yesterday for DU Refi Plus - HARP 2.0, we'll have the following enhancements:
- No maximum loan to value ratio for fixed rate mortgages with terms up to 30 years
- 105% maximum loan to value ratio for fixed rate mortgages with terms greater than 30 years and for adjustable rate mortgages
Even though Fannie Mae states the loan to value caps will be removed, it's also noted the appraisal waiver will be "updated to further increase the number of loan casefiles that are considered for the...waiver".
This update states the following transactions will be "eligible for consideration" to have the appraisal waived:
- one-to-four unit properties;
- primary residence (owner occupied), second or vacation homes and investment properties;
- loans with a loan to value or combined loan to value (second mortgages) over 125%;
- attached (condos, townhomes) and detached properties.
You may not have to wait until March to refinance depending on how underwater your home is. I'm currently working with clients from Des Moines, Kent and Seattle who had their appraisal waived and will be closing well BEFORE March as long as Fannie Mae estimates your loan to value is 105% or lower. It's unknown what value Fannie Mae's system will accept for your home until it is submitted to their automated underwriting program (DU).
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