Do you still feel you have too little equity in your home to qualify for a refinance or feel you owe more than your home is worth? Here's some great news: The Home Affordable Refinance Program (known as HARP) has once again been extended. This latest extension runs through December 31, 2018.
If you have been current on your monthly mortgage payments on a loan owned by Fannie Mae or Freddie Mac, you may be able to:
- Lower your interest rate
- Shorten your loan term
- Change from an adjustable to a fixed-rate mortgage
There's no minimum credit score needed, either.
HARP was initiated in 2009 to help underwater and near-underwater homeowners refinance their mortgage. The program has already helped more than 3.4 million borrowers refinance. According to FHFA, “More than 143,000 homeowners could still benefit from refinancing through HARP.”
One key component, that is often overlooked, is the fact that not only must the loan be a conventional mortgage but it must be owned by either Fannie Mae or Freddie Mac. And it must have been sold to the agencies on or before May 31, 2009. To determine eligibility, check these websites or get in touch with me today:
Freddie Mac Loans: freddiemac.com/mymortgage
Fannie Mae Loans: fanniemae.com/loanlookup
If you or anyone you know, with property in the state of Michigan, think they are not in a position to refinance because of a lack of equity or still being underwater, please reach out to me. I may be able to assist with a refinance to take advantage of today’s low rates. If you have an FHA, VA or RD loan, there are streamline refinance programs available that make refinancing very simple for these government insured loans as well.