This blog is for the purpose of informing potential HARP customers about the benefits they can recieve through this program. In order for customers to make an informed decision about the HARP program, it is important to understand the basics. This blog will hopefully guide you in your descision.
New Updates to HARP
Below are some updates to the Home Affordable Refinance Program – HARP 2.0
Some of the key features of the program include:
- HARP is now extended through 2014.
- In order to be eligible, loans must have been purchased by Fannie Mae or Freddie Mac by May 31, 2009.
- Unlimited Loan-to-Value ratios (currently, there is a ceiling up to 125% of your home’s value)
- Waiving the fees for borrowers that choose to take on shorter term mortgages during the refinance (some people do wish to go from a 30 Year Fixed to a 20 Year Fixed, for instance)
- To qualify, borrowers must be current on their mortgage for the last six months, and have no more than one late payment over the past year.
- New appraisals may not be needed to qualify.
This is definitely great news especially for those who are planning to move to Pasadena apartments!
ReplyDeleteYou must use good judgment when searching for home loans. Compare several lenders before applying for Hawaii mortgage loans. In many cases, you can determine if you are pre-approved. A loan calculator is ideal for figuring the best loan for your needs. If you take your time, you can own your dream home.
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