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Do you owe more on your home than it’s worth? A HARP refinance may be the answer!

Shawn Von Talge


Down payment assistance program

Are you on the sidelines of refinancing because your home hasn’t fully recovered from the recession and as a result you owe more on it than it’s actually worth? If so, now would be a great time to consider utilizing the Home Affordable Refinance Program (HARP).

The HARP program is designed to help current homeowners take advantage of the low interest rates that exist in today’s market despite the fact they may be “under water” on their mortgage. In many cases Property Inspection Waivers (PIWs) can be used and a new appraisal won’t be required. In order to take advantage of the HARP program you must meet the following criteria:

▸ The mortgage to be refinanced must currently be owned or guaranteed by Fannie Mae      or Freddie Mac

▸ The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31,      2009

▸ The loan-to-value ratio (i.e., the outstanding principle balance on the mortgage divided      by the market value of the home) must be greater than 80%

▸ The mortgage cannot have been refinanced previously through the HARP program      UNLESS it is a Fannie Mae loan that was refinanced through HARP from March to      May of 2009

▸ The borrower must be current on the mortgage at the time of the refinance with a good      payment history over the past 12 months

Essentially, this program is designed to help those that have been diligent in making their mortgage payments, but due to no fault of their own, now find themselves owing more on the home that what they could feasibly sell it for. If the HARP program sounds like something you’d be eligible for and you’re interested in learning more, please feel free to complete the contact form on the right side of this page and a member of our Preapproval Team will be in touch with you as soon as possible.

As always, thanks for reading!

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