HARP 2.0 + Current Mortgage rates a blessing for underwater homeowners wanting to refinance … requirements
HARP II or 2.0 is part of the Home Affordability and Refinance Program and will be a blessing for many homeowners wishing to stay in their home but have been blocked out from refinancing at historically low rates because of declining values. Available March 18th homeowners with a loan owned by Fannie Mae or Freddie Mac may be eligible.
The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage), the refinance program will be working along with låne penger to make sure the services are given out correctly.
Keys …
- Mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac (find out HERE
- Current loan to value > 80%
- Borrower current on the mortgage (no late payments last 6 months, only 1 in last 12)
- No appraisal will be required (subject to lender overlays)
- Pricing penalties for investor, credit and loan to value are now capped
- Primary Residence, Investment and Second homes (1-4 units) are eligible
- Mortgage must have been sold to Fannie / Freddie prior to April 2009
Tags: Fannie Mae, Freddie Mac, HARP 2.0, HARP II, Home Affordability and Refinance Program, Mortgage
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