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What is the Home Affordable Refinancing Program or HARP What is 2.0?
According to the Wall Street Journal, generic is approximately 23% of U.S. homes underwater – so the homeowner owes more than their house is worth. The percentages vary widely state by state. Expample47.9% for the Arizona mortgages were estimated to have negative equity, this together with 34.7% of California’s mortgage and 19% of Colorado mortgages.
These days, recipe the number one question customers ask right now is, what is the harp program? The Home Affordable Refinancing Program or harp is 2.0, the new government-funded, no evaluation to refinance home mortgage program for underwater mortgages.
The harp program is available on Fannie Mae and Freddie Mac-owned mortgages, before 1 June 2009 originated. You can check your claim www.HARPtool.com
The original Home Affordable refinance program was limited to 125% loan-to-value.
The version 2.0 of the HARP program does not require evaluation, and there is no limit to the loan-to-value.It is also possible for the harp reduced documentation program have. As long as your payment not increase more than 20%, you are probably only a verification of employment, rather than tax returns and payroll.
Another great thing about the harp program is that competitive prices. If you get a 30-year fixed-rate loan, you need a little higher than market price or pay a little more to get a market rate. However, if the term of your loan to a 20-year amortization or shorten shorter, the risk adjustment waived and you will get a market rate. Fannie Mae and Freddie Mac have risk-based pricing for lower credit scores, so expect a little higher rate and / or higher fees, if you credit score under 740th
Fannie Mae and Freddie Mac have loosened the credit requirement for the HARP program. This includes the waiver of the minimum credit score requirement and allows borrowers with past bankruptcy or foreclosure to participate. The borrower must not be current on their mortgage for the last six months, but has been 30 days late on a period of 7 to 12 months
The bottom line is that the harp 2.0 program, the first loan program that has the potential to a large number of homeowners refinancing needs help finding one.
To learn more watch a recorded webinar on the most frequently asked questions about the program at HARP www.HARP2LoanProgram.com.
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