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The Obama Administration's Homeowner Affordability and Stability Plan will offer assistance to as many at 7 to 9 million homeowners. 4 to 5 million homeowners alone are expected to refinance and take advantage of these hustorically low mortgage races. Even if you have has a change in personal circumstances this program allows you to refinance up to 105% of the appraised value.
HARP Loans released April 4, 2009 by Fannie Mae is a new refinance program - Home Affordable Refinance Program.
This program good until 2011, allows home owners to qualify for the now low mortgage interest rates.
Many home owners have lost value in their homes over the last few years and because the value has gone down they were not eligible to refinance their LTV or Loan to Value does not allow them qualify for a conventional mortgage.
As with every home loan there are requirements. Some of the major points are:
1. Property can be 1 to 4 units for a primary residence.
2. Current mortgage loan must be owned by Fannie Mae or Freddie Mac.
To check if your loan is owned by either Fannie Mae or Freddie Mac, please verify by clicking the buttons below:
3. Loan-to-value (LTV) can be no more than 105% - Enter your information below for a quick Desk Appraisal Review.
Even if you do not qualify for the HARP Loan, today's rates are low and you may still qualify for a refinance. Fill out the form below and I will be in contact with you within 24 hours. |
