Are You UNDERWATER on Your Miami Mortgage?

Is Your Miami Home Loan Underwater?

Miami Home Loan staff continues to research HARP, which stands for Home Affordable Refinance Program.  HARP is a government program that provides refinancing options to homeowners who owe more on their mortgage that their house it worth. The federal government revamped the HARP program during October of last year so more underwater homeowners can benefit from it.

HARP TWO was originally an adapted HARP initiative targeted at borrowers having a loan to value ration less than 125 percent, this has been in effect since December 1st 2011.  Now you can be dramatically upside down and still qualify for the interest rate reduction.  Also, if you have much higher interest rate that the current rate you also can benefit.  The benefit should be a significantly reduced rateMiami mortgage specialists are having good success with this new program.  Call now to see how.

HARP has a lot of other names including, the Making Home Affordable Plan, Relief Refinance and DU-Refi-Plus plans.  If your loan is guaranteed by Freddie Mac or Fannie Mae and the current mortgage securitization date being before June 1st 2009, the loan should qualify for HARP assistance.  You will not be HARP-eligible if the mortgage is USDA, FHA or a jumbo mortgage.

HARP 2 offers some important changes.  Although loan to value ratios were fixed at 125% at an earlier time, homeowners currently have the chance to refinance even if the value of their home has declined significantly.  Home owners are no longer required to obtain appraisals and underwriting guidelines are simplified.  The deadline to get a HARP refinance has been extended to 31st Dec 2013. Getting a refinance now is much faster and smoother. Call your Miami Home Loan specialist at 305-525-6742 to see how you can participate; or email me at jcarter@elementfunding.com.

The original HARP program was hampered by problems that made it a challenge for homeowners to refinance their homes, but this new program marks a distinct departure from these issues.  It was only possible for people with mortgage loan to value percentages of 80% to 125% to refinance. For those homeowners whose home values had fallen by 50 percent, this went against them as it made them ineligible for the program’s benefits.  This restriction no longer applies.  To know if you are HARP eligible or not, give me a call to discuss your Miami Home Loan with Element Funding at 305-525-6742.

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