Home Affordable Refinance Program HARP: There is HOPE
Many have been frustrated by all the programs to help homeowners on the verge of foreclosure while making their mortgage payments, even though their home values is less than their mortgage payments.
HARP: Home Affordable Refinance Program may just be the program for you. It is designed for homeowners who are current on their mortgage payments but have been unable to get traditional refinancing because their home value has declined. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
Here are some guidelines to be eligible for the HARP program:
* Your current loan to value ratio must be greater than 80%
* You must be current on the mortgage at the time of the refinance, with good payment history in the past 12 months.
* Your mortgage must have been owned or guaranteed by Freddie Mac or Fannie Mae and must have been sold to them on or before May 31, 2009.
* Your Mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March to May , 2009.
Feel feel to visit HARP for more information or contact me directly for other information, clarification or questions.
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