Want to take advantage of the lower interest rate and worried you would not qualify or your home won't appraise?
The Borrowers with mortgages backed by Fannie Mae or Freddie Mac will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program (HARP)
HARP previously was scheduled to expire at the end of 2013. The program allows borrowers to cut their loan payments by refinancing at lower interest rates even if they are stuck in homes that have lost value.
This program can be the answer to many homeowners' prayers. More than 2.2 million borrowers have used the program so far. To qualify, homeowners must be current on their payments and have loans originated before June 1, 2009. This program is not only useful to property owners who find themselves underwater but owners who have less than stellar credit scores or have reduced income can benefit from the HARP Refinance.
- The basic requirements to qualify are:
- Your current mortgage must be Fannie Mae or Freddie Mac owned. ( 1 phone call to your mortgage company can get this questions answered)
- You must be current with your loan payments
- You must have had "no late" mortgage payments within the last 12 months.
- Loan must have originated prior to June 1 2009.
Pick up the phone and call your mortgage broker today and ask if you can get start today!