Does a HARP Refinance Help YOU?

Jul 23rd, 2012 | By | Category: The Mortgage Connection

HARP 2.0 is the latest government Home Affordable Refinance Program.  If you currently have a conventional loan owned by either Fannie Mae or Freddie Mac it is possible to refinance even if your loan exceeds the current value of your home. You have to have obtained the loan prior to June 1st of 2009 to be eligible. These loans may or may not require an appraisal but they do require qualifying and you must be current on your loan. The loan to value can now be unlimited per this government program.

If you currently have a first and a second mortgage they can not be combined through this program. The first can be refinanced if the lender who holds the second lien agrees to stay in second position behind the new first. This program is strictly for first mortgages only.

There is no mortgage insurance required with this program as long as you didn’t originally have mortgage insurance on your loan. For example, if you put 20% down when you purchased your home but now you find yourself underwater there is no requirement for mortgage insurance. If you currently have mortgage insurance on your loan it will be required on your new HARP loan as well.

Only conventional mortgages can be refinanced through this program. If you have an FHA, USDA or VA loan we have other programs to refinance those loans as well.

Please call me for more details on this program or feel free to email me at: Phone 520-954-7686.

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