New HARP Refi Program actually might do some good this time
They finally figured out the Home Affordable Refinance Program (HARP) wasn’t delivering results as hoped. So, a revamped version of HARP was announced on November 17, 2011. This time there’s hope it might actually do some good in Florida.
Also referred to as the Making Home Affordable program, the original HARP had serious drawbacks, especially its increased closing costs and cap on loan to value (125%). The program was a huge failure.
The “new” HARP eliminates the loan to value cap (among other things) and now allows borrowers to refinance underwater loans at today’s crazy low interest rates. This is great news!
What you need to know:
- The existing loan must be a Fannie Mae or Freddie Mac loan, (sold to either prior to June 1, 2009). To check: http://www.fanniemae.com/loanlookup/ or https://www.freddiemac.com/corporate/
- Any existing second mortgages must be willing to subordinate (most will)
- There is NO limit to how underwater your mortgage can be
- You must be current on your mortgage payments, and no late payments for at least 12 months
- Loan term might need to be condensed to less than 30 years
- You can only use HARP to refinance one mortgage on one property.
- You can use HARP on a second home or investment property.
- You can use HARP even if you are unemployed.
- You must close on the HARP refinance prior to 1/1/2014.
And if your loan doesn’t qualify under the new HARP, you might still be able to refi under the FHA Streamline Refinance Program. Ask us for details…
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Peggy Berkoff & Andrea DiRico
North County Properties & Investments
19510 US Highway 1, Tequesta, FL 33469
561-427-0470 office, 561-427-0522 fax
Peggy 561-301-2243 cell/text, PBerkoff@NCPflorida.com
Andrea 561-543-8715 cell/text, ADiRico@NCPflorida.com
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