Relief of the HARP Loan

Since April 2007, more than 2.2 million borrowers have obtained a refinance to their mortgage loan. Said  Evan Nemeroff in an article on HARP loans in the Origination News magazine.

First of all, what is a HARP loan? Well, Home Affordable Refinance Program (HARP) was introduced by Federal Housing Finance Agency (FHFA), it has been around for quite some time.

The purpose of a HARP loan is to make refinancing, with extremely low rates, accessible to more homeowners. These government affiliated changes are meant to ease the opportunity.

By participating in HARP, there are extremely low rates. Wright Financial will strive to help homeowners refinance in to a better and more stable mortgage regardless of how far the value of the home has fallen below the payments owed.

Second question: Who qualifies? The eligible property types include a Fannie Mae or a Freddie Mac homeowner. This could also include anyone from a primary residence, second home or investment properties. HARP is also eligible for 1-4units, condominiums, manufactured homes or planned unit developments

Some great features include no loan-to-value limitation, no credit score requirement, no occupancy limitations and no appraisal if waived. Further, there are no limits on the number of homes owned and no worries if the home has been listed for sale.

The next question I am assuming you have, is how does this benefit me? For starters, there is a reduced monthly principal and investment payments while also allowing the homeowner to switch from an adjustable rate mortgage (ARM) to a fixed rate.

Secondly, a minimum home value is NOT required. Wright Financial can refinance regardless of how far you may be "underwater."Another great benefit is the fact that mortgage insurance is not required if you (the homeowner) do not already have it on your existing loan.

The good news? There is a possibility of being eligible even if you have been in any of these situations: You owe more than your house is worth, you missed a mortgage payment some months ago, your credit is not what it once was, or you want to shorten the term of your mortgage. There are several other ways to become eligible.

If interested or any of these qualifications and situations involve you, call Wright Financial and a representative will gladly share with you the several other benefits involving a HARP loan.

http://www.nationalmortgagenews.com/origination/