Indigo Mortgage, an Albuquerque, New Mexico mortgage company with four lending divisions to serve the residential, commercial, VA and reverse mortgage markets, announced that it is participating in the HARP 2.0 program, which rolled out on March 17th.
The program highlights offered by Indigo Mortgage for New Mexico homeowners includes the following:
- No LTV/CLTV.
- No income requirements.
- No assets (second home and NOO will require reserves).
- Only current Fannie Mae-owned loans are eligible.
- Reduction in terms to 20 years or less will have reduced adjustors.
- There will be expansion of appraisal waivers acceptance.
- Net tangible benefit is required.
- There is no cash back to borrowers.
- A minimum FICO score of 620 is required.
- Existing loans must have closed prior to June 1, 2009.
More complete guidelines and rates will be available when the HARP 2.0 program officially rolls out later this month.
In commenting on Indigo Mortgage’s participation in HARP 2.0, Benjamin Lucero, President, said, “We want to assist homeowners any way we can, especially since we pride ourselves in caring more about your mortgage loan than any other mortgage provider. This program is designed to help homeowners refinance their mortgage and get much needed relief from mortgages that are much greater than their home’s value. The new and improved HARP program will make the benefits accessible to a larger group of homeowners, which will go a long way toward stabilizing the New Mexico housing market.”
Currently, the HARP 2.0 is planned to run through December 31, 2013. Other guidelines under the program that have been issued include:
- The mortgage has not already been refinanced under HARP unless it was refinanced under HARP between March and May 2009.
- Your loan-to-value ratio is above 80 percent.
- You have not been late with a mortgage payment in the last six months and have no more than one late payment in the past year.
- You will be required to prove that at least one borrower has a source of income and that it is verified.
- No appraisal will be performed except a reference against the market that is no more than 120 days old, thereby streamlining processing times and reducing costs.
About Indigo Mortgage
Headquartered in Albuquerque, New Mexico, Indigo Mortgage is a locally owned and operated mortgage company that is 100% certified NMLS (National Mortgage Licensing System) with expert mortgage brokers and loan originators. The company operates four divisions: New Mexico Residential Mortgage Division, New Mexico Commercial Loan Division, New Mexico VA Mortgage Loan Division and New Mexico Reverse Mortgage Loan Division. Indigo Mortgage was founded by Benjamin Lucero and operates on a philosophy of personal service, high integrity, fairness, and moral and ethical behavior. The company’s motto is: “Because nobody cares more for your mortgage loan.” Its definition of integrity is that it is the decisions we make and the actions we take when nobody is watching but the Lord. For more information on their mortgage services, please visit www.indigomortgage.net.