HARP Refinance - Colorado
Are you wondering if you qualify for the HARP Refinance program? Wondering what a HARP Refinance even is?
The HARP Refinance program is a mortgage program that is designed to help people who have Fannie Mae or Freddie Mac mortgages from May, 2009 or earlier, refinance into a lower rate and payment.
New HARP Refinance enhancements that are set to be released starting in December that will open up the program to many more people.
The HARP Refinance program used to limit financing to 125% of the appraised value of the home (you could be 25% under water), but the new enhancements will waive the requirement for an appraisal as long as a reliable AVM (Automated Valuation Method) appraisal is available for the property. There will no longer be a limit to the loan to value ratio.
The requirement will likely still be in place that if you currently have mortgage insurance, you will have to work with your current lender. However, if you don't have mortgage insurance, you will be free to work with any Mortgage Company that has access to these programs. We are specialists in the HARP Refinance program and have helped many people take advantage of low mortgage rates through a HARP Refinance since the program was released.
There is even talk of reduced documentation requirements, making the HARP Refinance a true streamline process that can be closed in a short time period. Income and asset documentation may not be required, although specifics have not yet been released by lenders on this.
In addition, the new HARP Refinance guidelines will likely include a provision that anyone can get the lowest possible rate if they shorten the term on their loan, from a 30 year fixed to 20 year fixed, for example. This wasn't always the case with the previous guidelines, as someone with a lower credit score or higher loan-to-value ratio could not get the best rate.
Now is the time to take advantage of the HARP Refinance program. With rates at historic lows, and guidelines getting less restrictive, don't miss out on this opportunity. Call us today to see if you qualify for the HARP Refinance program!