HOME AFFORDABLE REFINANCE PROGRAM (HARP) IS STILL AVAILABLE FOR QUALIFYING HOMEOWNERS
The Federal Housing Finance Agency (FHFA) has announced a new publicity push to improve the public knowledge of the Home Affordable Refinance Program (HARP) and to educate homeowners on potential refinancing options that are available to them. FHFA was created in 2008, when the President signed into law the Housing and Economic Recovery Act of 2008. FHFA now oversees Fannie Mae and Freddie Mac after their much-publicized troubles. FHFA’s new program is designed to improve public participation in programs to help underwater homeowners refinance their loans. FHFA has launched a new website, http://www.HARP.gov, and is working with mortgage companies across the U.S. and HGTV personality and star of Power Broker, Mike Aubrey, http://www.hgtv.com/mike-aubrey/bio/index.html to help reach homeowners who may qualify. “Harp is an absolute no brainer for eligible homeowners. The program allows underwater homeowners the option to refinance at a lower rate and in my book that’s a great deal,” Aubrey said. “I spend my time on TV and as a Realtor trying to get great deals for my clients. FHFA has already done the legwork to create an amazing deal. It’s as simple as finding out if you qualify, getting the refinancing done, and watching the savings add up.”
In order to be eligible under HARP the homeowner must meet the following criteria:
1) The loan must be owned by Fannie Mae or Freddie Mac,
2) Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009,
3) The current loan-to-value ratio of your home (Balance of all loans/Market Value of your home) must be greater than 80% (0.80),
4) You must be current on your mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
See the HARP website to determine if you qualify. http://www.harp.gov/Eligibility.
The attorneys at Resnick & Moss, P.C. encourage all of our clients to visit the HARP website to determine whether you qualify for a home refinance. If you need additional assistance with your mortgage, foreclosure or other debts, we can provide advice and our recommendations. Please do not hesitate to call, or contact Resnick & Moss, P.C., at (248) 642-5400, for a free telephone consultation.