ATTENTION HOMEOWNERS WITH LITTLE – NO EQUITY! ENHANCED GOVERNMENT PROGRAM COMING SOON!
Good news for homeowners who owe more than their home is worth! You may be able to refinance your mortgage to today’s low rates soon! On October 24, 2011, the federal government announced changes to the Home Affordable Refinance Program (HARP) that will make it easier for homeowners to refinance their loans. These changes are anticipated to take affect sometime this December. Here are some program hi-lites…
Probably the single largest benefit of this program: There will be no limit on the LTV ratio: borrowers who owe more than 125% of their home’s value will now be eligible!
- certain refinance fees previously charged to borrowers will be lowered or eliminated, especially for borrowers who shorten the terms of their mortgages to 20 years or less
- new appraisals will not be required in many cases
- lender liability will be eliminated for mortgages refinanced through HARP
- the program will be extended through December 31, 2013
Click this link for more details of this program: http://www.fhfa.gov/webfiles/22721/HARP%20release%20102411%20Final.pdf
Stay tuned for more information!
