Homeowner Refinancing Proposal Conference Call with President Obama and Congress and what they’re saying about the HARP program and it’s benefits to our economy and consumers that can save thousands of dollars.
Here’s another update with President Obama on HARP refinance and how homeowners can save at least $3,000.00 by refinancing their current high interest rate loan and how he’s urging congress to keep build a momentum for our housing recovery.
Why I Can’t Refinance My Mortgage Loan if it’s Not Owned by Fannie Mae or Freddie Mac?
Are You UNDERWATER on Your MORTGAGE?
HARP 2.0 May Be Your Answer
New Government Program Entitles You To Potentially
Save Thousands On Your Mortgage Payments By Refinancing To A Lower Loan Term
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency. It’s a program that allows you the borrower to refinance your existing Fannie Mae or Freddie Mac mortgage loan at today current rates, regardless of your current loan to value ratio. As long as you can afford the new payments, have the desire to stay in your home, and have a decent credit, we can help you. The program is expected to run through December 2013.
In December 2011, the rule was changed where there would be no limit on negative equity for mortgages up to 30 years.
There are a standard benchmark that must be met to qualify for HARP 2.0 and the refinance does NOT need to be refinanced with the current lender or mortgage servicer.
- The first step to determine if the borrower qualifies for HARP 2.0 is to dermine if the mortgage is currently owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31,2009.
- The borrower MUST be current on the mortgage at the time of refinance, with no late payments in the past 6 months and no more than one late payment in the past 12 months.
- The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
- Borrower must have a reasonable ability to pay the new mortgage payments.
- The current loan-to-value ratio (LTV) of the property must be greater than 80%.
- The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).
Another feature of HARP is that applicants can forgo a home appraisal if a reliable automated valuation model is available in the area. This can save the borrower time and money, but is subject to the discretion of the mortgage servicer.
HARP is scheduled to end on December 31, 2013.