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Do you Qualify for HARP 2.0?
Q: Does Envoy Mortgage participate in DU Refi Plus 2.0? A: Yes, Envoy does participate in the Fannie Mae DU Refi Plus program.
Q: What is the maximum LTV/CLTV? A: There is no maximum LTV or CLTV on this program.
Q: What are the credit score requirements? A: Envoy has imposed 620 minimum credit score for primary residences and a 680 credit score for second homes and investment properties.
Q: Are high balance loans eligible? A: Yes, high balance loans are eligible. However, the current high balance loan limits do apply. Loans that previously closed when higher loan limits were in effect may not be able to qualify under the current loan limits.
Q: What types of DU approvals are eligible? A: Approval/Eligible, EA-1/Eligible, EA-2/Eligible and EA-3/Eligible are all allowed. Loans with a recommendation level of "refer" are not eligible at Envoy.
Q: Are there any price adjustments for loans that receive an "EA" recommendation? A: No, there are no additional price adjustments for loans that receive an "EA" recommendation.
Q: Are tax transcripts required on a DU Refi Plus? A: Yes, a 4506T must be obtained and executed since all DU Refi Plus loans require income to be verified for qualification purposes.
Q: My subject property is a condominium. Does the property still need to be approved by Fannie Mae? Do I need a condo questionnaire? A: All that is required is that the lender confirm that the property is not a co-op or condotel, houseboat project, timeshare or segmented ownership project and that adequate hazard, flood, liability and fidelity insurance coverage is in place.
Q: Is this a no ratio loan? A: It appears that there is a hard cap of 65% on the DTI.
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Envoy Mortgage, LTD. Mountain Regional Center
9035 Wadsworth Parkway Suite 2730
Westminster, CO 80021
Phone: 303-429-2500 Fax: 866-925-9610 Cell:303-249-8274
Toll Free: 866-360-7210
driggs@envoymortgage.com
Colo. Lic. LMB100011249 / NMLS132702
“Regulated by the Division of Real Estate”
NMLS #132702, AZ 0914009, CA CA-DOC132702, FL MB10004485,
KS LO.0025337, MN MN-MLO-132702, NE NE132702,
NM 132702, TX 132702, VA MLO-6454VA, WA MLO-132702, WY 542
Corporate NMLS 6666, Branch NMLS 857507
Envoy Mortgage, LTD 9035 Wadsworth Parkway Suite 2730 Westminster, CO 80021-8634
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