If you are underwater on your Alabama mortgage, owing more on your loan balance than your home is worth right now; you may be able to refinance to a lower interest rate under the Federal Housing Finance Agency’s Home Affordable Refinance Program (HARP). Refinancing now, while rates are at historic lows, may save you money each month on your mortgage payment! Loan-to-value ratios have recently been eliminated, meaning that it doesn’t matter how underwater you are on your mortgage!
To qualify for an Alabama HARP 2.0 refinance, borrowers must meet the following criteria:
- The mortgage must have been owned or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it's a Fannie Mae loan that was refinanced under HARP from March 2009 to May 2009.
- The current loan-to-value (LTV) ratio must be greater than 80% and can be greater than the previous limit of 125% of LTV for certain loans.
- Borrowers must be current on their mortgage payments with no late payments in the previous 12 months to 24 months.
Contact me right away to discuss your eligibility for an Alabama HARP 2.0 refinance! Hurry! HARP expires at the end of 2013!
Comments (0)Subscribe to CommentsComment