HARP Refinance Program

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The time to act is right now! HARP, a refinance program that has been around since April, 2009, can assist homeowners who owe more on their homes then the homes are worth! HARP stands for “Home Affordable Refinance Program/Plan” and allows you to refinance your home at low rates, and reduce your payment. The program is also known as Making Home Affordable, the Obama Refi, A Better Bargain For U.S. Homeowners, DU Refi Plus, and Relief Refinance.

The basic HARP Requirements are as follows:

  1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  2. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  4. The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

The reason to act now, is that this program is set to expire on December 31st, 2015.

Here are some benefits to the program:

  • The average monthly savings for most eligible Americans is $250.
  • Many homeowners not only save every month, but depending on their current rates, they can also shorten their term.
  • Deferred payments – typically, one or two payments are skipped / deferred as well.

Our trusted loan officer John Roehrich with Homes Mortgage has offered some wonderful thoughts and insights on this program:

If your current mortgage was originated prior to May 31st, 2009 and you are paying more than 5.00% on your loan, we can definitely put you in a better financial position.  By removing the need for an appraisal, HARP loans are the fastest and least expensive way to start saving money immediately.  Interest rate today are still at incredible levels but most expect them to increase throughout the year so don’t delay and give me a call right away.  I can let you know exactly how much money you will save right on the first phone call

If you are interested in talking with a trusted lender about this program, please contact John Roehrich.

John Roehrich
Mortgage Planner NMLS: 300490
Homes Mortgage  NMLS: 298853
Office       651-748-3706
Cell       612-396-2578
Fax       651-766-5201
jroehrich@homesmortgage.net
www.MNmortgageplanner.com

References:

1. http://joemetzler.com/harp-refinance-mn.htm
2. http://lifestylejournal.com/act-now-to-refinance-your-home-before-rates-rise/?aff=1169&lturl=1&sub=BTT777&utm_medium=myfox-myfoxtwincities
3. http://themortgagereports.com/259/harp-making-home-affordable-guidelines

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