The Mortgage Outlet hopes a two-year extension of a government-sponsored refinancing program will encourage more participation from Underwater Homeowners in East Setauket New York can a Harp Refinace Help?
The program, created in 2009, is designed for homeowners who may not otherwise qualify for refinancing because they owe more on their mortgages than their homes are worth. For those who haven't heard about it yet or think it's too expensive, it's an ideal time to reach out and try to refinance as some program allow you to go as high as 150% of your present mortgage balance.
These undwerwater borrowers can expect much lower payments by getting mortgage rates below 4 percent. Some homeowners can reduce their mortgages to 15 years from 30 with only slightly higher payments than they have now. See if you are eligible for the Harp 2 program here or give David Bailey NMLS # 3458 a call at 631-767-8948
Underwater borrowers can't sell their properties without bringing thousands of dollars to the closing table. Because of the lack of equity, these owners are in danger of letting the homes fall into foreclosure. The government housing agency said it's extending HARP to help reduce losses for taxpayers and mortgage companies Fannie Mae and Freddie Mac.
"More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk," FHFA Acting Director Edward J. DeMarco said in a statement. "We are extending the program so more underwater borrowers can benefit from lower interest rates." See if you are eligible for the Harp program and get a free rate quote by clicking here
The agency says it's planning a national campaign to educate homeowners and encourage them to take advantage of the program before it ends. Homeowners can qualify for HARP if their mortgages were sold to Fannie or Freddie on or before May 31, 2009, and the loan-to-value ratios are greater than 80 percent. What's more, homeowners can't have any late mortgage payments in the past six months and no more than one late payment in the past year.
Underwater homeowners in East Setauket New York can a Harp Refinance help? See if your loan is eligible for the Harp 2 program by clicking here.