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Underwater on your mortgage? | Real Estate

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Underwater on your mortgage?
Real Estate
Underwater on your mortgage?


What is HARP?  HARP is Home Affordable Refinance Program (HARP).  How does this affect you?  HARP is designed to help home owners that have been unable to get traditional refinancing due to the decrease in home value and may not have enough equity or no equity at all.  Home owners can actually be upside down on their mortgage and still be eligible.

Who is eligible?

  • The mortgage must be owned or guaranteed by Freddi mac or Fannie Mae
  • The mortgage must have been sold to Fannie Mae or Freddie mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously
  • The current loan to value ratio needs to be greater than 80%
  • The borrower must be current on their mortgage at the time of the refinance with a good payment history in the past 12 months

As of January 9, 2012 HARP Guidelines have changed.  Prior to 2012 if you owed more than 105% of your home's worth you were NOT eligible for this type of refinance.  NO LONGER!  As of January HARP 2.0 has no loan to value restrictions!  This loan will also allow for a more appraisal waivers than in the past.  Lending on this will begin lending on March 17th so start the process NOW!  To see if you are eligible through Fannie Mae or Freddie Mac click HERE.

How Can HARP 2.0 Help Georgia Home Owners?

HARP can also be referred to The Making Home Affordable Program, DU Refi Plus, Freddie Relief and the Obama Refi Program.  You may have heard President Obama speak about this in his State of the Union Address. 

Some of the benifits of HARP 2.0 for Georgia residents are reduction in interest rate, reduction in mortgage payment, possible term reduction and ability to skip a mortgage payment.

 This program coupled with all time low interest rates will help  thousands of Georgia residents.  There will be a huge backlog once this begins so don't wait.

Contact me directly with any questions or for more information or to apply click HERE


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