Mortgage Grapevine

Are appraisals required on all HARP and Refi Plus loans now?

by sfranny December 3, 2012 1:56 PM

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by zenith December 3, 2012 2:27 PM

Nope, they just elimiminated 2075s, 2055s, and PIWs on non-HARP files...

by MichiganTed December 3, 2012 3:29 PM


I'm told that the refi I am currently doing on my own home falls under the HARP program by Wells. No cash out, No appraisal and no Closing costs. Yes I know there is really no such thing as no closing costs, but I'm getting 3.125% so I ain't bitching.

780 plus Ficos, 50% LTV based on tax value, no mtg lates, no other debts. My payment goes up by $20 going from 30 to 15 yrs.

And from what I have learned doing my job. There are many HARP loans that do not require an Appraisal. They use another valuation basis, that I, for the life of me, can't remember, but then I don't have to remember it.

I would go with what Ted says.
by YATI December 3, 2012 4:50 PM

For Fannie it is called FMP

Freddie it is HVE

by Vinnie The Leg Breaker December 3, 2012 8:23 PM

HARP and 3 step are slightly different.
by jimmymac079 December 4, 2012 2:07 AM

Maverick Funding accepts PIW's, or whatever is required by DU, up to 175% for O/O.
by MikeMaverick December 4, 2012 10:37 AM


You may very well be correct, but my commitment letter calls it a HARP refinance.

by YATI December 5, 2012 10:40 AM

Does anyone have any idea how the other half that are not under Freddie and Fannie will get refinanced being under water?
by Tellmeplease December 5, 2012 2:28 PM

3.125% on a 15-year, YATI? You should bitch a little bit. I'm just sayin'...

by ragingbats December 5, 2012 3:07 PM


Just got off the phone with Wells, Not a penny in closing costs, and my new mortgage matches the principal owed on my on-line statement. Didn't have to provide any documentation, All I have to do is have a notary, Wife's co-worker, notarize a couple signature, and return it in a prepaid envelope. Oops I lied, the only cost is a $46 filing fee to my great state.

I know they are covering their costs with the price they will get on the secondary market, but it's a $80k mortgage, How much did I really cost myself by being lazy. I'm just sayin' :-)


They have to honor their contract or be foreclosed on, they borrowed money not a house.

I'm at 50% LTV so I am not being a hypocrit.
by YATI December 5, 2012 5:55 PM


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