Help for Homeowners – Home Affordable Refinance Program
Our housing market is so unpredictable these days. One minute it looks like things are going to improve and the next day it seems like housing doomsday is coming! What are you supposed to do as a buyer or seller when you are not sure what the future holds? The worst thing is to sit tight and do nothing. The housing market for buyers is screaming to let you know the deals are on! As for sellers there is help for you too! What happens when you are struggling to make ends meet? Wouldn’t it be great if you could refinance your mortgage at a much lower rate even if your home is worth less than what you presently owe? There is a loan program out there right now that can make your life more comfortable.
The first thing that you need to do is see if you have a Freddie Mac or Fannie Mae mortgage. You can do this by going on their websites www.FreddieMac.com and click on the Do We Own Your Mortgage link. The Fannie Mae website is www.FannieMae.com click on Helping Homeowners and Communities, then click on Fannie Mae loan lookup. If your mortgage is owned by either Freddie or Fannie then you may be eligible for the Home Affordable Refinance Program (HARP).
What is the HARP Refinance program about? Here is some information that can help you refinance your present home mortgage by reducing your present interest rate to a much lower current rate if you are eligible.
What is a Refinance?
With this option, you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.
Home Affordable Refinance Program (HARP)
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
Eligibility
You may be eligible to apply if you meet all of the following:
You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
You must have secured your current mortgage prior to June 1st, 2009.
You do not have an FHA, VA or USDA loan.
You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
The refinance will improve the long term affordability or stability of your mortgage.
You have the ability to make the new payments.
Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
Program Availability
The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.
For More Information
Contact your current lender first as they may have incentives that will keep closing cost affordable. If you have additional questions about getting mortgage help, contact a housing advisor at (888 -995-HOPE) or go their website. www.makinghomeaffordable.gov
Betty Bondi
Bondi Realty Group LLC
www.Bondirealtygroup.com
203-899-9990