Updates to the HARP Refinance Program
- 1.8 million homeowners now eligible
- Refinance any Fannie Mae or Freddie Mac backed mortgage Loan No Appraisal Required any LTV with HARP 2.0
- Even if you owe 2x the property value if the loan is paid up to date we can refinance it.
- Huge rate and fee discounts on 15 and 20 year terms.
- Payment reduction terms up to 40 years.
- All property types Owner Occupied and INVESTOR refinances available
- Apply now to get the lowest mortgage payments.
Over the past three years Americans homes’ have lost tremendous amounts of equity and many now have “underwater mortgages”. An underwater mortgage is when the value of the home has dropped below the mortgage balance owed.
There are several programs, some being more effective than others, that were implemented by our government and lenders own programs to deal with the growing underwater home loan problem.
Refinance Any LTV/CLTV for borrowers upside down in value…but still current on payments
I wanted to provide some information regarding our DU/LP relief refinance program, HARP 2.0. This program is widely used throughout the country and has some key benefits to us here in Florida.
We are currently participating in the HARP refinance program for home loans that are serviced by Fannie Mae or Freddie Mac. This program has the highest success rate for underwater homeowners with Fannie or Freddie Loans.
If you no longer want to keep your home contact us to see if you will qualify for a short sale.
Starting September 7th we will also be accepting FHA Short Refinance applications from borrowers who have negative equity and are current on their mortgages. Borrowers’ lenders must accept a 10% discount or short payoff to qualify for this program. Loans can be serviced by any lender as long as they are not FHA insured loans.
We no longer participate in the loan modification program but do have a separate website to assist consumers in making a decision on which option is best for their situation.
Closing Case Studies
This borrower owed 105% of appraised value on the first mortgage and 166% combined loan to value total with the second mortgage.
We were able to lower the mortgage rate by 1.50% using this special HARP 2.0 refinance program. Our client was extremely happy they were able to get a lower mortgage payment even though they were upside down on their home loan.
The 2nd mortgage stayed in place and the borrower is free to get this payment reduced or work a discount with the 2nd mortgage holder down the road.
Most importantly he was able to lower his mortgage payments to an affordable level, keep excellent credit intact, and stay in his home and not have to move the kids to a different school.
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Underwater refinancing example case study <a href=”http://www.c-mortgage.com/harp-refinance/”>Underwater refinancing example case study</a>
Another example is an investment property where we lowered the rate by 2.25%. The borrower paid 310K and the current value is $175,000. This borrower owed 234K we were able do a relief refinance.
On this scenario the payment dropped from $1490 to $1120. This program will work wonders on any type of Fannie Mae or Freddie Mac backed mortgage. This borrower was able to save $370 per month. In most households this can make a real difference rewarding those who have stayed current on their upside down mortgages.