Is the New Home Affordable Refinance Program Hype or Help?

peter-wright-harp-There are approximately 11-Million homeowners that are underwater, which represents about 23% of all outstanding mortgages. So, here comes another program to help the America Homeowner! Is it hype…or will it help?

Well, the new HARP program (Home Affordable Refinance Program) was released in

November 2011 however the program will not be implemented by Fannie Mae or Freddie Mac until Mid march 2012. So we are less than 20 days away from a program that may actually work and help these equity challenged homeowners! The guidelines seem to resolve some of the major obstacles that the original HARP program (released in 2009) failed to address such as equity…or should I say lack of equity!

The original program capped the loan-to-value at 125% but most participating lenders or banks added another layer of underwriting that actually restricted the LTV to 105% so very few people qualified or where eligible. Another big change is the PMI companies are co-operating with this new program and may transfer the old coverage and premiums over to thenew loan HARP loan. This will really help a lot borrower’s take advantage of today’s historic interest rate environment.

Guidelines for the program are still being put together, however a “snap shot” of the some eligibility requirements are as follows:

An appraisal will be required for most loans although the actual value will have no bearing on whether the loan is approved or not. The loan should have been originated and sold to either Fannie Mae or Freddie Mac prior to May 2009 and the loan should be in good standing with a good pay history. Income and work stability are still going to be factors and having additional assets will defiantly help. In addition, if your current mortgage does not have PMI (private mortgage insurance) now, you won’t have it on the new HARP 2.0 program either, regardless of your equity position.

For more information on this program please click here.

 

 

Print Friendly, PDF & Email

22 comments to Is the New Home Affordable Refinance Program Hype or Help?

  • … [Trackback]

    […] Find More Info here to that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • I got good info from your blog

  • … [Trackback]

    […] Find More here on that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Find More Information here on that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Read More to that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • Hiya, I’m really glad I have found this info. Today bloggers publish only about gossips and internet and this is really frustrating. A good site with interesting content, that is what I need. Thank you for keeping this site, I’ll be visiting it. Do you do newsletters? Can’t find it.

  • I’m not that much of a internet reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your site to come back down the road. All the best

  • … [Trackback]

    […] Information on that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Find More on on that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • Hello there, just became alert to your blog through Google, and found that it is really informative. I’m gonna watch out for brussels. I will be grateful if you continue this in future. A lot of people will be benefited from your writing. Cheers!

  • … [Trackback]

    […] Here you will find 26448 additional Info to that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Read More Information here on that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • SEO

    We are a bunch of volunteers and starting a brand new scheme in our community. Your website provided us with helpful info to paintings on. You’ve performed an impressive activity and our whole community can be grateful to you.

  • Its like you learn my mind! You seem to understand a lot about this, such as you wrote the e-book in it or something. I believe that you just can do with a few to power the message house a bit, however other than that, this is fantastic blog. A great read. I will definitely be back.

  • I gotta favorite this site it seems very beneficial very helpful

  • … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Here you will find 61899 additional Information on that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • … [Trackback]

    […] Information to that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • cialis 20mg dosage

    Is the New Home Affordable Refinance Program Hype or Help? « St Louis Real Estate News

  • … [Trackback]

    […] Read More here to that Topic: stlouisrealestatenews.com/financing/is-the-new-home-affordable-refinance-program-hype-or-help/ […]

  • Hi this is kind of of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding skills so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>