Rafe Gibraun Blog: HARP Program | HARP Program AmeriValue (EXPOSED)

Friday, February 10, 2017

HARP Program | HARP Program AmeriValue (EXPOSED)

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HARP Program AmeriValue
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The Home Affordable Refinance Program (HARP) is often a federal program on the United States, setup by the Federal Housing Finance Agency in March 2009, that can help underwater and near-underwater homeowners refinance their mortgages.

Certain criteria has to be met to be eligible for a HARP. While there could possibly be additional criteria imposed from the mortgage servicer, the us government requirements are as follows

The Home Affordable Refinance Program (HARP) was created because of the Federal Housing Finance Agency in March 2009 to allow for those having a loan-to-value ratio exceeding 80% to refinance without also purchasing mortgage insurance.

Originally, only individuals with an LTV of 105% could qualify. Later that same year, this course was expanded to include people that have an LTV nearly 125%. This meant if someone owed $125,000 over a property that is certainly currently worth $100,000, yet still be in a position to refinance and freeze a lower rate of interest.

In December 2011, the rule was changed again, creating precisely what is referred to as “HARP 2.0”; there would not any limit on negative equity for mortgages approximately 30 years – so even those owing greater than 125% in their home value could refinance without PMI.

Also, this system was expanded to just accept homeowners with PMI on their own loan. Finally, any new lender was guaranteed to not be held to blame for fraud committed about the original loan. This greatly expanded the willingness of lenders to sign up in this system.

The homeowner should be current on their own mortgage payments, without the need of (30-day) late payments from the last half a year and no over one late payment inside the last one year.

The current loan-to-value ratio (LTV) in the property have to be greater than 80%.

The homeowner must utilize the loan by either lower monthly obligations or movement to some more stable product (including going from an adjustable-rate mortgage (ARM) into a fixed-rate mortgage).

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