What’s All This Hype About HARP Two Point Oh?

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Submitted By: Patrick Davidson of Guild Mortgage Company – Lacey

Revolutionary home loan program enables some “underwater” homeowners to take advantage of today’s record low interest rates!

 

Lacey Home Loans
Patrick Davidson of Guild Mortgage Company – Lacey

The HARP 2.0 (Home Affordable Refinance Program, second version) features some revolutionary improvements over previous attempts to enable responsible borrowers to take advantage of the extraordinarily low home loan interest rates.  The most significant of these changes is the elimination of the loan-to-value ratio that has been the hallmark of home loans as long as there have been home loans. You read that right; loan-to-value ratio is no longer an issue for these particular loans. This means that even if your home has lost some of its “value” from the highs of around 2005 and 2006, you might be eligible to refinance into a lower interest rate loan.

With home loan rates generally being the lowest they’ve been in a generation, refinancing now could be like getting a pay raise. And who among us could not use a pay raise?

To be eligible for a HARP 2.0 refinance you must have closed on your current loan prior to June 1, 2009. You do not necessarily need to live in the house; and it doesn’t necessarily need to be a house (your condo may be eligible). The loan must be in a pool serviced by Fannie Mae (FNMA) or Freddie Mac (FHLMC) and you cannot have done a previous HARP loan.

You still need to apply for the loan and show that you can make the payment. And you can’t get any money back. Is there mortgage insurance on your current loan? You might still be eligible to refinance. What if you rent the house out? Some non-owner occupied properties are eligible for refinancing under the HARP 2.0 program.

How do you find out if you’re able to give yourself a pay raise by taking advantage of today’s historically home loan rates? Well, you call Patrick Davidson at Guild Mortgage Company. He’s at 561-0339 or via e-mail at pdavidson@guildmortgage.net.

 

 

Fannie Mae and Freddie Mac want me to tell you this:

–       Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.

–       If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP

–       You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.

What if for some reason you’re not eligible for a HARP 2.0 refinance? Let’s talk anyway! At Guild Mortgage, we offer both conventional and government insured loan financing.  And, because Guild Mortgage is a direct lender for FannieMae, FreddieMac and GinnieMae, we can get loans done that other lenders cannot.

For over 50 years, Guild Mortgage Company has been helping people realize their home-ownership dreams.  Guild Mortgage offers competitive interest rates and loan costs, superior customer service and committed, local underwriting.  Whether you’re trying to purchase your first home, downsizing into the last home you’ll ever have, or diversifying your investment portfolio, we provide the expertise and ability to help get you there.

Patrick Davidson (NMLS # WA-MLO-114110) has been matching Washington homebuyers and borrowers with the loan program that best meets their needs and circumstances for over 16 years.  You or someone you know could immediately benefit by working with Patrick and Guild Mortgage Company.

Guild Mortgage Company is an Equal Housing Lender.  NMLS ID#3274.

Of course, terms and conditions apply.  All loans are subject to underwriter approval.

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