HARP 2 – Home Affordable Refinance Program
UPDATED February 20, 2014
THIS PROGRAM IS FOR UNDERWATER AND UPSIDE DOWN FLORIDA HOMEOWNERS
YOU MAY QUALIFY FOR THE NEW REFINANCE PROGRAM IF…
Your current mortgage was originated before May 2009
You have paid your mortgage on time for the last 12 months
Your current loan is a Fannie Mae or Freddie Mac loan
I MEET THE ABOVE CRITERIA, HOW DO I APPLY FOR HARP 2?
JUST FILL OUT A LIVE RATE QUOTE REQUEST OR SPEAK TO A TRUSTED, LICENSED MORTGAGE PROFESSIONAL.
MORE ABOUT HARP 2
It’s no big shocker that many homes in Orlando have drastically declined in value over the past few years – some areas more than others, of course. The reduced home values create a scenario in which hardworking, loyal homeowners are stuck in properties that are worth less than what they owe the bank (also referred to as being “upside down” or “underwater”). Up until now, there was no real, viable solution to the epidemic sweeping across the State of Florida.
Introducing the HARP 2.0 Refinance Program – Sure, it sounds more like a character out of Star Wars, but HARP actually stands for Home Affordable Refinance Program and the 2.0 stands for this being the second version. Up until now, in the current HARP program, borrowers were limited to maximum LTV’s (loan-to-value ratios AKA how much you owe vs. how much it’s worth) of 125% or sometimes as low as 105%…not much help.
But, with this new HARP 2 mortgage, Orlando and other Florida homeowners can get the help they really need. Even if you owe twice as much as what your home is worth, HARP 2 can help! And with Florida interest rates at or near all-time lows, your time to lock in mortgage savings is right now!
WHAT’S NEW WITH HARP 2?
The loan-to-value cap is now lifted for mortgages with terms up to 40 years for all banks; it doesn’t matter how much you owe you, YOU can qualify for the HARP 2 refinance program!
Certain fees will be waived for homeowners who refinance into a shorter-term loan.
A property appraisal may not even be necessary.
ANY mortgage company can now process your HARP 2 refinance. You are NOT required to use your current mortgage company.