I really don’t want to know if you can or cannot. But I do want to discuss the Home Affordable Refinance Program.
HARP is a program that was started in 2009 by Fannie Mae and Freddie Mac. Originally scheduled to expire in September 2017, the program has been changed and will now end in December 2018. HARP is designed to help home owners refinance their mortgages to a lower rate. This in turn can save homeowners a lot of money in interest charges. This is designed for home owners who have little or no equity in their homes. And if you owe more than the home is worth, which is commonly called being upside down, it’s also possible to refinance. Since it’s inception, HARP has allowed more than3.4 million home owners refinance their homes.
The housing crisis of 2008 left many home owners upside down. And many are still in that situation. But if you don’t need or want to move, that’s not a major issue. But the ability to take advantage of today’s low interest rates would be helpful.
As a result of the housing crisis, more than 860,000 homes were lost to foreclosure.
Payment schedules can be structured for periods of 10 to 30 years. You will need to pay closing costs, but these can possibly be rolled into the principle amount to be financed.
The basic criteria for a HARP refinanced mortgage are:
You must be current on your mortgage payments.
You cannot have more than one late payment in the past year.
You are not allowed any late payments in the past six month period
The loan must be owned by Freddie Mac or Fannie Mae
The home must be your primary residence, an investment property with 1 to 4 units
or a one unit second home.
The mortgage must have been taken out before May 31, 2009
An 80 percent or more loan to value ratio is required
If you don’t meet the standard requirements to refinance your mortgage, a HARP refinance may be a good alternative for you. Do the math and decide if this would be beneficial to you. If you need help, contact your mortgage company or a HARP approved mortgage lender. They will help you decide if this is a good program for you or not.
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