The government will release a new mortgage refinance program later this month. This program will enable many homeowners with minimal or negative equity (current loan balance is higher than current value of their home) to lower their monthly mortgage payments. This program is actually an enhanced version of the existing Home Affordable Refinance Program (“H.A.R.P.”).
The basic program qualification requirements outlined below:
- Homeowner’s current mortgage must have been originated prior to June 1, 2009
- Homeowner’s current mortgage must have been sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC) by their loan servicer. Customers can verify ownership of their loan online at: www.fanniemae.com/loanlookup or www.freddiemac.com/mymortgage
- The outstanding loan balance of their existing mortgage must be >80% of the current estimated value of their home (loan to value ratio - LTV). There is no maximum LTV on this program and no new Appraisal is required
- Homeowner must have no late payments (30 days or greater) on their existing mortgage in the last 6 months and no more than one 30-day late in the past 12 months
- If homeowner has more than one mortgage on their property, the mortgage holder of their 2nd mortgage or home equity line must be willing to re-subordinate that loan to the new H.A.R.P. loan
- Homeowner must be employed or have verifiable monthly income
- Primary residences, 2nd homes and residential 1-4 family investment properties are all eligible
- Jumbo loans not eligible
Call or email today and we can discuss this in more detail!
Rochelle Allison
651.259.4683
Rochelle@RochelleAllison.com
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