The extension of the HARP Program is great news for borrowers who have the value of their home decline since they last mortgaged their property either via a purchase or refinance. There are 4 different "HARP" programs for which a borrower may be eligible with my company. Two of the HARP programs pertain to Freddie Mac serviced loans, and 2 for Fannie Mae serviced loans.
Some of the HARP loan programs allow for limited documentation and limited appraisal review, although documentation requirements may vary.
If you have a Chase serviced mortgage loan and would like to investigate refinancing with a HARP loan, please do not hesitate to contact me directly.
The federal refinance program Home Affordable Refinance Program (HARP) designed to help borrowers with high loan to value ratio mortgages has received a one-year extension, now set to expire June 30, 2011.
The program was originally introduced February 2009, and has come to cover loans backed by Freddie Mac and Fannie Mae with loan to value ratios up to 125%. The program was designed to help qualified home owners with underwater loans refinance their deals in order to avoid foreclosure or short sales. According to the Federal Housing Finance Agency (FHFA), about 5 million homes would qualify for refinances under this plan.
Reasons for the extension were that continued instability caused by unemployment and a still unsteady economy warranted an continuation of the program in order to promote a healthier housing market,
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Christine Hynes
"Specialists in Preserving the American Dream"
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