HARP - Home Affordable Refinance Program is still available.
As noted in my April 2013 article, HARP is still available for home owners who have not or were not able to take advantage of it over the last few years. If your rate is above 4.5% or interested in lowering your mortgage term, you may want to take advantage of this stream lined refinance program now. Contact Craig!
Good news, bad news.
HARP, the Home Affordable Refinance Program, has been extended through 2015 by the Federal Housing Finance Authority.
The Good:
HARP is designed specifically for current homeowners with mortgages owned or guaranteed by Freddie Mac or Fannie Mae (the GSEs) and high loan-to-value (LTV) ratios which make it difficult if not impossible to refinance through traditional programs. The majority of HARP borrowers are actually underwater on their mortgages with the majority having LTVs in excess of 100 percent.
Find out if you may qualify for a Harp 2.0 refinance here.
The Bad:
The HARP extension did not move the dates for eligible borrowers. The current HARP guidelines are specific to borrowers who have a loan that was sold to one of the GSEs prior to May 2009. So, if you have a loan sold to a GSE after June 1, 2009 or not backed by a GSE (see Fannie or Freddie), you would still not be eligible for HARP.
Until Next Time,
Craig Turley
Please contact Craig at 480-385-1422 if you would like to discuss the good news or the bad news related to the extension of HARP through 2015. Craig Turley has directed over $1 Billion in funded loans since his career began 20 years ago.
