Hope you all are having a great week! The HARP2.0 (Home Affordable Refinance Program) is designed to assist homeowners with good credit standing, be able to refinance their home loans even if they owe more than the home's current value. The govt. has revamped the guidelines and offers an option for "underwater" homeowner's who owe more than their home's current value to refinance.
The goal of this program is to put responsible borrowers in a better financial position by :
- Reducing the interest rate along with monthly payments
- Possibly reducing the term which means you payoff your mortgage sooner
- Moving from a 'risky' Adjustable Rate Mortgage into a more 'stable' Fixed product under these low rates
There are a few stipulations around the product of course. Those include :
- Currently employed
- No Tax Liens or Judgements on Title
- Loan is owned by Fannie Mae or Freddie Mac prior to June 1st, 2009 : go to www.efanniemae.com/sf/mha/mharefi
There are so many advantages to this program and it's worth looking into to see if you qualify for this loan as it won't be around for much longer. If you fall within the Conforming Jumbo or High Balance loan amounts, there might be some options for you as well. Bottom line is that there are options to refinance if you're underwater. Contact me with any questions, I would be more than happy to do a mortgage analysis for you to see what's available to you. Have a great week!
Jimmy
No comments:
Post a Comment