The Federal Housing Finance Agency has announced that the Home Affordable Refinance Program (HARP) has been extended to June 30, 2012. It had previously been scheduled to expire on June 30, 2011. Here’s how a HARP Refinance loan can help:
• Helps homeowners unable to refinance due to declining property values.
• Improves affordability and stability. o Replace ARM, Option ARM etc. with fixed rate mortgage. o Reduce amortization term in order to build equity. Homeowners Must:
• Be current on the mortgage, first mortgage cannot exceed 125% of property’s current market value. • Have a reasonable ability to pay the new mortgage payment.
**HARP loans must be owned or guaranteed by Fannie Mae or Freddie Mac.
I am your experienced, professional, local, mortgage-only source for the HARP loan and a vast array of refinance and purchase options. Call me today to find out more!