Home Affordable Refinance Program – HARP second revision, Miami Herald Washington Report, Mar 4th:
A streamlined and no upper limit on permissible loan-to-value ratios (LTVs) federal mortgage program aimed at underwater homeowners to assist them in refinancing. You need to know who your mortgage insurer is on your loan. Only loans owned or guaranteed by Fannie Mae and Freddie Mac are eligible. Borrowers who have FHA, VA or other types of mortgages do not qualify for this mortgage refinancing program. To check if your mortgage qualifies:
www.fanniemae.com or www.freddiemac.com
and look under “look up” feature. Your mortgage must have been purchased or securitized by either company no later than May 21, 2009 and must have an LTV ratio in excess of 80 percent. You must also be current on your loan with no 30 day late payments during the six months preceding application and no more than one late payment during the last 12 months. If you think you qualify, apply to your mortgage servicer and ask how to proceed. Be aware that it is a technical and complicated process with a lot of regulations that could derail you. Be persistent!
Know the market, call Sheryl DiCarlo 305.332.3256 before your next real estate move.