Great News

by Mario Acosta on April 21, 2013

in Local Topics, Mortgage And Finance, Short-Sale

stressedWe have talked extensively about buying, selling, being a landlord, moving – so many things we realtors get involved in on an ongoing basis.  We have even touched on things to do to fix your home up, whether  selling or staying put.    But this month there is great news for those of you out there wanting to hold on to your underwater home.

The Federal Housing Finance Agency announced last Thursday that the Home Affordable Refinance Program, or HARP, which was set to expire at the end of this year, will be extended through the end of 2015. This is

Great News For Underwater Homeowners!

HARP is one of two government programs aimed at helping homeowners who are current on their mortgage, but have little to no equity, refinance their mortgage for a lower interest rate. This has saved homeowners a great deal of money and helped to put that money back into the economy.

“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” FHFA acting director Edward DeMarco said in a statement.

To qualify for refinancing though HARP, homeowners must have a mortgage that is owned or backed by Fannie Mae or Freddie Mac, with a loan that was out before June 1, 2009 and a current loan-to-value ratio that is greater than 80 percent.  They must also be current on their mortgage payments, with no late payments in the past 6 months and no more than one late payment in the past 12 months.

According to the most recent data, in January alone, one in five refinancings of Fannie and Freddie-backed loans occurred under HARP. These refinancings will free many potential sellers who were trapped in negative equity and, in time, alleviate the shortage of homes for sale.

If you think you may be eligible for HARP, contact your current lender or another lender participating in the program.  Look, it’s worth a phone call right?  So many families’ have turned their mortgage situation around and stopped the downhill slide.  Helping people find just the right house, going with them through the incredible journey of selling or buying a house, I understand more than most people that in the end for many of you, it’s not just a mortgage on a house it’s your HOME.

 

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Post by Mario Acosta

Mario has written 117 articles.

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