Health & Fitness
Government Refinancing Program Extended
Many homeowners in NJ have found themselves in this situation, the outstanding mortgage is close to or MORE than what the current home market value is.
Many homeowners in New Jersey have found themselves in this situation, the outstanding mortgage is close to or MORE than what the current home market value is. Rates have been at all time LOWS and they felt they could not take advantage of refinancing to reduce their current mortgage payment.
Who Can Benefit From HARP?
The Federal Housing Finance Agency recently announced that the Home Affordable Refinance Program known as HARP is being extended until the end of 2015. The program has already helped more than 2.2 million borrowers refinance since its inception. The most recent revision of HARP has many lenders being able to offer unlimited LTV(Loan To Value) and CLTV(Combined Loan To Value). Naturally, there are guidelines and a few restrictions but the first place to start is to find out if your loan qualifies.
Who is the program designed for?
Borrowers whose mortgages are owned or guaranteed by either Freddie Mac or Fannie Mae may be eligible to refinance under the enhanced and expanded provisions of HARP. To determine eligibility, check these websites
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HARP is designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage to a lower interest rate. By extending the program, more borrowers will have a chance to refinance their loan. To be eligible for a HARP refinance, a homeowner’s loan must be owned or guaranteed by Fannie Mae or FreddieMac and the mortgage must have been sold to one of the government-sponsored enterprises on or before May 31,2009.
