Editors note: We have some great news! Quicken Loans allows refinances of up to 200% of your home’s value on mortgages owned by Fannie Mae and Freddie Mac through the HARP Program.
In order to participate in HARP, either Fannie Mae or Freddie Mac must own your loan.
See if you qualify for HARP or call today (800) 251-9080 to find out how much you could save.
And finally, the Federal Government has extended HARP until the end of 2015.
HARP 2.0 is upon us, my friends.
It’s here, and it’s ready to help lots of Americans take advantage of lower mortgage rates.
What does it mean for you and other homeowners who haven’t been able to take advantage of today’s extremely low mortgage rates?
Fox Business did a great article today explaining HARP 2.0 and what changes homeowners need to be aware of.
The best part of the article?
It features our very own (and everyone’s favorite) chief economist Bob Walters.
Here’s a tidbit from the article:
The government touted its Home Affordable Refinance Program (HARP) as a way to get the crumbling housing market on the road to a quick recovery and provide much-needed relief to struggling homeowners. Launched in March 2009, HAMP was supposed to help millions of homeowners get out from mortgages that were worth more than the house– but to date, critics say it has fallen short of expectations. Now the government has refined the program, known as HARP 2.0, in an effort to assist the millions that need a lower mortgage bill.
“HARP has been around for a couple of years but hasn’t been that helpful to that many people,” says Bob Walters, chief economist at Quicken Loans. Many people that needed the help couldn’t qualify, he adds.
To be eligible for HARP 2.0, people need to have a home valued at less than their mortgage (Quicken Loans allows refinances of up to 125% loan-to-value), and the loan has to be with Fannie Mae or Freddie Mac. The mortgage has to be in good standing, and homeowners need to have a good payment history for the last 12 months. The new HARP program will expire at the end of 2013. To check who owns a loan go here.
Walters added that homeowners shouldn’t give up hope of a lower mortgage rate too quickly.
“If you get an unsatisfactory answer don’t stop, call someone else,” says Walters. “People shouldn’t assume the first no means they can’t get help.
Good advice, I would say. Good advice indeed.
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