Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance through the Home Affordable Refinance Program.
This is a fantastic program for those that qualify ! Even if your home value has fallen to the point where you currently owe more than the value of the house (up to 125% LTV) you can still refinance at todays low rates.
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.
There are a number of "details" and you can download a Home Affordable flyer with answers to the most commons questions by clicking here.
The program is open to borrowers whose loans are owned or guaranteed by state-backed mortgage-finance companies Fannie Mae and Freddie Mac but who owe more than 80% of there home's value—the normal cutoff for refinancing a Fannie- or Freddie-backed loan.
The HARP Program
The Home Affordable Refinance Program is available through June 2011 and allows home owners to refinance into low mortgage interest rates even if they're property value has gone down.
Because many homes have lost value over the last several years, many homeowners have been unable to refinance. Traditionally, mortgage lenders require a significant amount of equity (or value over mortgage balance) to approve a mortgage refinance.
The HARP program was designed to allow borrower's with a loan owned by Fannie Mae or Freddie Mac to refinance, with a new loan balance up to 125% of their current appraised value.
The key advantages & requirements of a Home Affordable Refinance are:
This is a fantastic program for those that qualify ! Even if your home value has fallen to the point where you currently owe more than the value of the house (up to 125% LTV) you can still refinance at todays low rates.
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.
There are a number of "details" and you can download a Home Affordable flyer with answers to the most commons questions by clicking here.
The program is open to borrowers whose loans are owned or guaranteed by state-backed mortgage-finance companies Fannie Mae and Freddie Mac but who owe more than 80% of there home's value—the normal cutoff for refinancing a Fannie- or Freddie-backed loan.
The HARP Program
The Home Affordable Refinance Program is available through June 2011 and allows home owners to refinance into low mortgage interest rates even if they're property value has gone down.
Because many homes have lost value over the last several years, many homeowners have been unable to refinance. Traditionally, mortgage lenders require a significant amount of equity (or value over mortgage balance) to approve a mortgage refinance.
The HARP program was designed to allow borrower's with a loan owned by Fannie Mae or Freddie Mac to refinance, with a new loan balance up to 125% of their current appraised value.
The key advantages & requirements of a Home Affordable Refinance are:
- Home must be owner occupied
- Property can be 1 to 4 units for a primary residence
- Current mortgage loan must be owned Fannie Mae or Freddie Mac
- Mortgage must be paid current and up-to-date
- Loan-to-value (LTV) can be no more than 125%
On May 20th, 2009, President Obama signed the Helping Families Save Their Homes Act:
"The Helping Families Save Their Homes Act advances the goals of our existing housing plan by providing assistance to responsible homeowners and preventing avoidable foreclosures." This bill is about, "getting folks into sustainable and affordable mortgages, and more importantly, keeping them in their homes. And it expands the reach of our existing housing plan for homeowners."
–– President Barack Obama
http://www.whitehouse.gov/blog/Protecting-Homeowners-Protecting-the-Economy/
The Home Affordable Program - NOW EXTENDED UNTIL JUNE 30, 2011 !!!!
Helping Those Whose Values Have Declined