Help Is Coming For Those Who Want To Refinance! Harp 2.0
November 5th, 2011 categories: Real Estate News
Like any other program that the government has rolled out, time will only tell if this will truly help homeowners, but it sounds good on the surface. The new Home Affordable Refinance Program (HARP) is expected to fully roll out on November, 15, 2011.
The original HARP program was largely unsuccessful because the majority of homeowners who needed the payment reduction could not qualify due to their home having too much negative equity. The “new” HARP program will not require an appraisal and negative equity is not supposed to be a deterrent anymore.
The new HARP program is also supposed to reduce the fees and in some cases “waive” all fees to refinance. This should allow more homeowners who could not afford to refinance to see some relief.
One requirement will be that the homeowner must have be on time with their payments for the last 6 months. You can watch video of U.S. Department of Housing and Urban Development Secretary, Shaun Donovan explain all the changes here, http://goo.gl/ZsbQG.
If you need a referral for a lender who can see if you qualify for this program, call me at 480-201-4185 or send me an email at [email protected]
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