Are you HASP Eligible?

Our friends at Bank of America provided the following information regarding the The Homeowner(s) Affordability and Stability Plan (HASP). Our friendly Mortgage Advisors are always happy to inform you further.

The Homeowner(s) Affordability and Stability Plan (HASP), also known as the Making Home Affordable Plan, was announced by the Obama Administration in February 2009. Although all lenders are waiting for final guidance and a "roll-out" date from Freddie Mac & Fannie Mae, we have included a few of the high levels details below.

Only loans owned by Freddie Mac/Fannie Mae are eligible for this plan. A second option known as "DU Plus" will be available to more homeowners by late April. Unlike HASP, you can use any lender (not just your current servicer) for the DU Plus program. See the tools at the bottom for determining who owns your loan.

The refinance programs allow for:

· Refinances of existing lender portfolio customers (Lender-to-Lender)
· LTVs up to 105%
· Mortgage Insurance (MI) is not required on loans with greater than 80% LTV IF the previous loan was <= 80% LTV
· The existing MI coverage continues if the previous loan had MI
· No delinquency on the loan in the past 12 months
· Non-owner occupied and second homes are eligible
· Stated income and stated assets are allowed
· No minimum FICO score is required
· Requires no DTI calculation

Use the below numbers or web links to determine if either GSE owns your mortgage.

Fannie Mae
Fannie Mae - 1-800-732-6643 (800-7FANNIE)
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac
1-800-373-3343 (800-FREDDIE) - Freddie Mac
https://ww3.freddiemac.com/corporate/index.html