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You are here: Home / Benton County Real Estate / Upside Down In Your Homes Value, Current With Payments, HARP Has Good News!!

Upside Down In Your Homes Value, Current With Payments, HARP Has Good News!!

November 2, 2011 By Cody Leave a Comment

Refinance Your Home Loan Down To Todays Historically Low Rates Even If You Are Upside Down

The HARP (Home Affordable Refinance Program) has been overhauled and it will be a big help to those who are upside down in their homes, but who are current on their mortgage. http://harpprogram.org/ click here to learn more.

Historically, the HARP Program would not allow anyone that had a 125% loan to value or higher to participate. That is to say that if your home was worth $100,000 and you owed $125,000 then you would not have qualified. However, the new guidelines will allow you to qualify no matter how upside down you are. The only requirement, besides being upside down, is that your loan was sold to Fannie or Freddie prior to May 31, 2009, and that you are not deliqunet on your loan.

The four biggest Mortgage Servicers Bank of America, Chase, Citigroup, and Wells Fargo  will particpate in the program and hope it will help underwater borrowers refinance to lower rates.

The FHFA (Federal Housing Finance Agency) says Fannie Mae and Freddie Mac plan to release detaisl about HARP changes by November 15th. It will probably be December 1st before the particpating lenders will actually put the program into effect.

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Filed Under: Benton County Real Estate, Bentonville Real Estate, Bentonville Realtor, Featured Posts Tagged With: HARP Program, home loans, interest rates, loan modification, Mortgage Rates

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About the Burnett Team

Cody and Christiane Burnett have been providing real estate services in Bentonville for several years, with 20+ years of combined experience. Cody is one of the top agents in Bentonville and has an extensive background in residential construction. [Read More]

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