NEW HARP GUIDELINES RELEASED

Below is information on the new Home Affordable Refinancing Program (HARP) from Matt Redding of Sunstreet Mortgage. You may now refinance your home no matter how upside down you are. Although in some cases, it would be better to take other options like short sale, foreclosure or bankruptcy if keeping your home will not benefit your future. Seek legal, tax, real estate advice from a reputable professional prior to making a decision. You may reply to this blog if you are interested in getting more information or have any real estate questions.- Maria Hass
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HARP 2.0 ( Home Affordable Refinance) has now been approved and will be coming out in March 2012 which is very exciting for us to be able to help so many borrowers that are currently upside down in their homes. We will be able to refinance borrowers into a low interest rate on a 30 Year, 15, or 20 Year fixed with no Prepayment Penalty even though you are upside down:

1) No max LTV which means it doesn’t matter how upside down you are!
2) No property status limitation which will allow you to refinance Investment properties, 2nd Homes, Primary Residences
3) Higher debt ratios allowed
4) No appraisal needed
5) Minimum credit score required 620
6) Discounted closing cost
7) Allowed to refinance out of current servicer to another
8) Foreclosure & BK seasoning will be possibly waived- May not have to wait normal time frame to refinance
9) 2nd Mortgages must be subordinated and cannot be added to Refinance
10) Current Mortgage Insurance will move over to new loan if you have MI now. If you do not have MI now you will not have MI on new loan.