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Home Affordable Refinance Program Questions

on May 12, 2012 in HARP Refinance | 40 comments

Top Credit Card Offers. Click Here Click Here Instant Cash 0 APR Credit Cards. Click Here Click Here Top Payday Loans Cash Rewards Credit Cards. Click Here Click Here Low Interest Loans Credit Card Balance Offers. Click Here Click Here Cash Advance HomeNo Thanks What is the HARP? What is HARP? The new Making Home Affordable Refinance Program (HARP) is available to home owners whose: mortgages are upside down; are backed by Fannie Mae and Freddie Mac; and who are current on their payments. If you are making your payments on time but didn’t have enough equity to refinance, visit you will be able to lower your rate without paying down your mortgage balance or take out mortgage insurance through the new Making Home Affordable Refinance Program. ***NEW – Borrowers with lender or borrower paid PMI (Primary Mortgage Insurance) are now okay for the Making Home Affordable Refinance Program! Program many not be available in all states (case by case). Programs and guidelines subject to change without notice. Find program guidelines for your your city or state: Affiliations: NAMB | NBA | NAMP | GM Q & A: HARP How is the new 2012 HARP expanded? Home owners will soon be able to refinance no matter how far under value they are with the FHA Making Home Affordable Refinance Program. This should have a big impact in certain parts of Nevada, viagra Arizona, website and Florida where many home owners owe more than 125% of the value of their residential property. Will I be able to refinance through the HARP if I’ve already used the program once? No. TheHARP will continue to be limited to loans that were delivered to Fannie Mae and Freddie Mac before June 2009, which means that anyone who has already refinanced under the previous Making Home Affordable Refinance Program won’t be able to refinance again. What other changes are being made to improve the 2011 HARP? Under the new Making Home Affordable Refinance Program banks will be largely shielded from the “buy back” risk on HARP mortgages, and they’ll only have to verify that home owners meet a more tailored set of eligibility rules: that they’ve made their last six payments and have no more than one missed payment in the last year and that they have a job or another source of regular income. How will the HARP changes help home owners? Making Home Affordable Refinance Program process will help eliminate the need in many cases for home owners to obtain appraisals or to provide extensive income documentation. Instead, home owners will have to show that they’re current on their mortgage, that they have a job or another source of regular income, and that they meet the other eligibility criteria for the Making Home Affordable Refinance Program. This is not a no doc or stated income loan. What if I have mortgage insurance? Mortgage insurers have as well as agreed to make it much easier to transfer existing mortgage insurance coverage for a HARP, which has blocked many home owners from the 2011 Making Home Affordable Refinance Program. What if I have a second mortgage? Home owners with a second mortgage, such as a home-equity loan, need the mortgage owner to agree to “re-subordinate” the loan before they can get the new HARP first mortgage. Federal officials say the largest lenders have agreed to automatically re-subordinate all second mortgages under the HARP Refinance. What else is being done to lower HARP costs? Another new HARP change involves fees that Fannie Mae and Freddie Mac charge banks for riskier home owners. The firms, and their regulator, the...

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