Details Of HARP 2.0
Article by Christopher M Lee
The government’s Home Affordable Refinance Program has received much attention in recent months. After a disappointing first run, clinic the program has been revamped in effort to include more at-risk homeowners and provide help to those who may have not previously qualified.
The Basics
HARP is part of the Making Home Affordable Program initiative to help homeowners struggling with mortgage debt and foreclosure. The program requires that anyone interested in refinancing their mortgage have a mortgage backed by Fannie Mae or Freddie Mac, for sale which is the case for the majority of homeowners with conventional loans. The mortgage also must have been secured prior to May 21, 2009. Applicants must also be current on the mortgage payment and cannot have had more than one late payment over the last year.
The New Program
Although these program requirements seem strict, the new HARP has actually broadened its horizons and made several changes to the rules. First, the loan-to-value limit cap has been eliminated. Previously, there was a 125 percent cap on the amount of mortgage debt owed compared to the value of the home, meaning anyone that 25 percent more on the mortgage than the home’s value was disqualified. Many homeowners who are considered underwater on their homes exceeded this value, leaving them without options to refinance. The new HARP does not have any specified loan-to-value limit cap in order to qualify.Second, the revised program has eliminated automatic appraisals and some of the fees associated with refinancing. According to HARP 2.0 guidelines, homeowners no longer have to obtain, and pay for, an actual appraisal on the home, but can use an automated estimate system to determine the value on the home. The closing cost fees have also been reduced or eliminated to make refinancing more affordable for qualified homeowners. The 2 percent upfront fee requirement has been eliminated, as well as put a 0.75 percent cap on fees for 30 year refinanced mortgages.
The new program has also expanded the reach for owners of condominiums, who were previously ineligible to qualify for refinancing. These days, underwater condo owners may be eligible for the program regardless of the percentage of units that are considered underwater or delinquent. The old program also required that applicants meet certain income requirements in order to qualify for the HARP offer. Under HARP 2.0, there is no income verification requirement for applications. The last, and perhaps most important change, is that the new program will be in effect until December 31, 2013.
About the Author
The attorneys, of Lee Law Firm, understands that financial hardships can affect honest, hard-working people. Their early experience growing up in hard working families made a significant impression on their business philosophy today. As a foreclosure Dallas, Tx attorney their practice has given them the opportunity to directly impact the lives of many people.
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More HARP 2.0 Articles
Two FHA mortgage refinance & Modification Services
article by James Hitchens
In the event that you are struggling with an underwater home loan may, viagra 60mg many of these government programs you from sinking into personal debt.
Most of us have been affected in one way or another by the rescue of the falling market. Layoffs, foreclosures, store closings, we experience the full impact of the recession. Fortunately there is hope, especially if you are considering a mortgage refinance loan because of an underwater home. If your home loan is under water, you run the risk of your residence. However, as the Federal Housing Association, or FHA, homeowners have options when it comes to mortgage modification. We have two programs include Federal Housing Administration, and detailed the main points and terms and conditions of the program. Sure, you owe more on your house than what it is currently worth, but that does not mean that you go home foreclosure and financial policies are guided failure. Look over there (and take a deep breath):Making Home Affordable Program
Mortgage refinancing is a hot topic right now, and there are many companies that claim to extend some help. How to always read between the lines, many of these companies are rescue scams. The FHA does require a trusted source. The Making Home Affordable Program (HAMP), which was introduced by the Obama administration in February 2009, includes Home Affordable refinance and Home Affordable Modification, both for our list of the best underwater mortgage assistance programs.
1 FHA Refinancing Home Affordable Program (FHA HARP)
If you are up-to-date on your home loan payments refinance but can not due to the fact that you owe more than the market value of your residence (ie underwater mortgage), the Home Affordable Refinancing Program or harp possible to refinance a mortgage, so you can benefit from a favorable and stable course.
with a harp, a homeowner must sign a letter issued economic adversity, in addition to reveal records of income (most recent tax returns, last two pay statements and signed Internal Revenue Service 4506-T). The Federal Housing Administration mortgage refinance option can occur only once in the program. (Note: The harp was extended for another year and will end 30 June 2011.) Rules. Payment history in good standing at current home loan. Mortgages by Fannie Mae or Freddie Mac is one. Loan set up before 1 January 2009. The property is occupied by the owner (not investor-owned or vacant buildings eligible). First mortgage does not cover 125% of the home’s market value last
2 FHA Home Affordable Modification Program (FHA-Hamp)
already behind on your mortgage payment? You can still get help from the FHA. Under the Home Affordable Modification Program (HAMP), home loan modification to borrowers in the event that it does not exceed from month to month payment to acquire 31% of their gross income. And, you could either current or behind on your mortgage payments. In contrast to the harp, your loan must be held by Fannie Mae or Freddie Mac to get the support.
The HAMP reduce your home loan payment in one of the following: a decrease in the rate of interest deferred payment, extending the payment period, and in some cases, forgiveness of a portion of the principle of balance. Conditions . Home must be primary borrower’s home to be. Amount of first mortgage is less than or equal to 9750. Existing mortgage payment is more than 31% of the borrower’s gross income About the Author JamesHitchens is a specialist in working within the finance business for a number of years. He has wriiten several articles on personal finance, refinance mortgage, debt management, and much more. It is possible to find his insightful articles and analysis on many different blogs on the World Wide Web.
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