Kelly L. Zitlow

The HARP 2 Arizona Refinance Program is now available. I am currently taking HARP 2 Refinance Mortgage Applications for HARP in Arizona for Arizona homeowners. Take advantage of low interest refinance rates and stay in your home.

The Federal Housing Finance Agency, together with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (known as HARP 1) with the goal of helping more underwater Arizona homeowners to refinance.  Although the HARP 2 program took effect December 1^st 2011 many Arizona Mortgage lenders could not participate until Fannie Mae and Freddie Mac's automated underwriting systems were updated. Those updates to the Arizona mortgage lending systems were completed over the weekend and HARP 2 for Arizona homeowners is now available!

HARP 2 Key Points for Arizona homeowners:

• HARP 2 eliminates the loan to value (LTV) limit for borrower eligibility if the Arizona borrower is refinancing into a fixed rate mortgage. NOTE~ Even though the HARP 2 program itself removed the loan to value maximum, some Arizona mortgage lenders may decide to implement a loan to value maximum when offering this mortgage program.
• The updated Fannie Mae and Freddie Mac systems have incorporated a property valuation program which should help to eliminate the need for an appraisal!
• HARP 2 has been extended through December 31, 2013.
• HARP 2 is unique in that it is the only Arizona conventional mortgage refinance program that allows Arizona homeowners who owe more on their home than it's worth the opportunity to refinance at today's low interest mortgage rates!

HARP 2 Eligibility for Arizona Homeowners:

• The existing Arizona mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
• The existing Arizona mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
• The HARP 2 program is available to Arizona homeowners for loans with loan to values above 80%.
• Arizona homeowners must be current on their mortgage payments with no late payment in the past 6 months and no more than 1 late payment in the past 12 months.
• This is an income qualifying mortgage program.

How to take advantage of Arizona's HARP 2

Step 1: CHECK THE FOLLOWING LOOK UP SYSTEMS TO SEE IF YOUR ARIZONA MORTGAGE IS OWNED OR GUARANTEED BY FANNIE MAE OR FREDDIE MAC.

• For Freddie Mac, click here.
• For Fannie Mae, click here.

If you can't find your Arizona property in these look up systems I recommend you contact your existing Arizona mortgage lender and ask them if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. I have seen a few instances where the Arizona property doesn't come up in the look up systems but is in fact owned by one of these agencies.

Step 2:  CHECK THE DATE YOUR MORTGAGE WAS TAKEN OUT!  To be eligible your existing Arizona mortgage needs to have been originated prior to May 31. 2009.

Step 3: COMPLETE MY ARIZONA MORTGAGE APPLICATION. This can be done via my website at www.kellyzitlow.com ~ Once on the home page select "Apply for a Loan" and you'll be directed to our secured and encrypted online Arizona mortgage application.

• Once you submit your Arizona mortgage application my Arizona HARP team will be notified and will process your application. I will then be calling you to discuss our next steps for your HARP 2 Arizona Mortgage Refinance.
• Call or email me with any HARP 2 or Arizona mortgage questions.

Due to the very specific nature of the Arizona HARP 2 Mortgage I expect nuances of this mortgage program to unfold over the next few months.  We'll keep you informed of the evolution of Arizona's HARP 2 as we learn more.

~ Kelly