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Real Estate

Are You Eligible for the New Home Affordable Refinance Program?

by Lorraine Ryall December 28, 2011
written by Lorraine Ryall December 28, 2011

avoiding foreclosureThere has been a lot of buzz about the new government program—Home Affordable Refinance Program (HARP).

This is not a new program, but rather a revamp by the federal government of the existing one, which had too many restrictions to do much good.  The revisions have been made in an attempt to help struggling homeowners, who have stayed current on their mortgage, and would benefit from a refinance at today’s low interest rates. It is expected to help 1.8 million borrowers, according to the Federal Housing Finance Agency.

Although it was supposed to be in effect on Dec 1, a firm date has still not been set, and the latest information on the start date is the first quarter 2012. The program will be offered through Dec. 31, 2013.

Biggest Change in the Program

The original program failed to meet expectations and help many homeowners when it was launched in March 2009.  One of the main reasons was it couldn’t help homeowners, who were deeply under water.  You were not eligible unless your loan to value was less than 125 percent.

Well, that certainly didn’t help most homeowners here in Arizona, where the housing market has been one of the hardest hit.  Now, with the new guidelines, if you have a fixed rate mortgage with a term of up to 30 years, the cap has been removed, and it doesn’t matter how upside down you are.  This will now open the program up to many more homeowners, who previously wouldn’t have been eligible.

Changes in Fees

The new guidelines have reduced the closing costs previously charged, but one of the biggest differences is in the appraisal fee.  Borrowers will not need a new property appraisal if Fannie and Freddie have enough data in their automated valuation system to estimate the value of the property. This not only speeds up the refinancing process, but also eliminates the appraisal fee.

Eligibility

You may be eligible if you meet all the following:

  • You have a mortgage owned by Fannie Mae or Freddie Mac.
  • The mortgage must have been sold to Fannie or Freddie on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously, unless it is a Fannie Mae loan that was refinanced under HARP between March and May 2009.
  • You are current on your mortgage, and have not been more than 30 days late in the past year.
  • The current loan to value (LTV) must be greater than 80 percent.
  • The refinance will improve the long-term affordability or stability of your mortgage.
  • You have the ability to make the new payments.

For more information on HARP and short sales, or for a free confidential consultation, contact me directly, or visit my Web site at www.ArizonaShortSaleToday.com. You also can call my cell at (602) 571-6799, or send an e-mail to Lorraine@ArizonaShortSaleToday.com. Visit the Web site at www.ArizonaShortSaleToday.com.

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