This week’s column provides links to refinancing options for homeowners as part of President Obama’s efforts to assist homeowners and stabilize the nation’s economy. The links are presented to bridge the information gap on refinancing and other game changing options.
One avenue to take advantage of low interest rates may lie in a revamped HARP (Home Affordable Refinance Program). The recently announced program is for loans backed by Fannie Mae or Freddie Mac and eliminates the previous loan to value ratio of 125%. This is perfect for homeowners who could qualify for a refinance but previously could not get the loan because their home is upside down on equity.
Corelogic estimates that 6.3 million American homeowners are underwater on their mortgages. By eliminating the maximum cap on underwater borrowers, as well as eliminating certain risk-based fees, the changes should help more Americans save several hundred dollars each month. This is according to a recent WashingtonPost.com article written by Zachary A. Goldfarb and Scott Wilson.
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The article provides valuable details on the revisions of HARP. Refinancing will allow more homeowners to take advantage of today’s historically low interest rates.
Initially news reports indicated that the revised HARP would be available on December 1st, but administrative details have slowed the roll-out. Contact your existing mortgage company for details on initiation dates. Visit www.fanniemae.com or www.freddiemac.com to determine if your current loan qualifies for the HARP. Additional information on HARP can be found at www.makinghomeaffordable.gov.
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The site highlights key details on the official program of the US Departments of the Treasury and Housing and Urban Development (HUD) developed to assist homeowners. On the site there are also details on other options for owners who may not qualify for the HARP including loan modifications and foreclosure prevention programs.
HARP updates will be posted on Cascade Patch as they become available.
For help with your house hunt or other housing information, contact Cascade Heights resident and Prudential Georgia Realty Associate Broker Shirley Simmons, CRS, GRI, at www.shirleysimmons.com.