Over 3 Million Americans have already taken advantage of President Obama's Home Affordable Refinance Program (HARP PROGRAM). Thousands of dollars are being saved on a monthly basis because of the program. If your interest rate is in over 5% and you haven't looked into refinancing, now is the time to check your eligibility.
Because of the lack of Inflation and a less than stellar housing recovery, interest rates remain at historically low levels. All indications point to that being the forecast for quite some time. Consumers that are employed and have a credit score of 620 or better are encouraged to apply. There are Millions of homeowners who still have not taken advantage of this government program. The HARP program was established by the Obama administration to help homeowners who have been affected by the downturn in the U.S. Housing Market. Many consumers lost equity due to the crash in the Real Estate Market. The HARP Program was designed to allow homeowners who have little, no or negative equity in their properties to refinance regardless of whether or not they have equity. If there is no mortgage insurance on the loan being refinanced, there is no mortgage insurance on the new loan. Old guidelines dictate that mortgage insurance is required if there is less than 20% equity in the home (amount owed divided by value is over 80% or less).
There are many ways to check your eligibility for the HARP Program. You should select a Mortgage Banker or Broker who specializes in the program. Many consumers have gone to their current lenders and have been turned down. However, what homeowners must realize about the HARP Program is that the Guidelines set forth by Fannie Mae and Freddie Mac are somewhat lenient. Lenders often times put their OWN RESTRICTIONS on top of Fannie Mae and Freddie Mac's. Therefore, if you have applied before and have been turned down, it is imperative that you check your eligibility with a different firm that doesn't have their own restrictions to the program.
The HARP Program will not last forever. Currently, it is set to end at in 2015. However, there are many factors that may change that timetable. It is important that you check to see if you qualify for the program now. Interest rates are very low and now is the time to lock into what may be the lowest interest rate that has ever been available to homeowners in the United States.
Because of the lack of Inflation and a less than stellar housing recovery, interest rates remain at historically low levels. All indications point to that being the forecast for quite some time. Consumers that are employed and have a credit score of 620 or better are encouraged to apply. There are Millions of homeowners who still have not taken advantage of this government program. The HARP program was established by the Obama administration to help homeowners who have been affected by the downturn in the U.S. Housing Market. Many consumers lost equity due to the crash in the Real Estate Market. The HARP Program was designed to allow homeowners who have little, no or negative equity in their properties to refinance regardless of whether or not they have equity. If there is no mortgage insurance on the loan being refinanced, there is no mortgage insurance on the new loan. Old guidelines dictate that mortgage insurance is required if there is less than 20% equity in the home (amount owed divided by value is over 80% or less).
There are many ways to check your eligibility for the HARP Program. You should select a Mortgage Banker or Broker who specializes in the program. Many consumers have gone to their current lenders and have been turned down. However, what homeowners must realize about the HARP Program is that the Guidelines set forth by Fannie Mae and Freddie Mac are somewhat lenient. Lenders often times put their OWN RESTRICTIONS on top of Fannie Mae and Freddie Mac's. Therefore, if you have applied before and have been turned down, it is imperative that you check your eligibility with a different firm that doesn't have their own restrictions to the program.
The HARP Program will not last forever. Currently, it is set to end at in 2015. However, there are many factors that may change that timetable. It is important that you check to see if you qualify for the program now. Interest rates are very low and now is the time to lock into what may be the lowest interest rate that has ever been available to homeowners in the United States.
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