“This is HUGE “can I say it again! “This is HUGE” A
settlement between the BIG banks and the government valued at 26 Billion will
help those homeowners underwater by allowing refinancing into lower rates or by
reducing the debt from their mortgage. PLUS hundreds of thousands more who have
been foreclosured on will receive a sum to account for their hardships.
HARP 3.0 is on its way! This plan the president proposed
in his state of Union address will give millions of Americans the chance to
refinance their mortgages. This new
refinance process will be streamlined to save money and time under the
direction of the Federal Housing Finance Agency (FHFA). The president’s plan will do away with the appraisal when
alternative automated systems can be used to determine value, saving the
homeowner the cost of appraisal.
This new program will have the same benefits as HARP 2.0 but
will be for homeowner whose current loan is NOT owned by Fannie Mae or Freddie
Mac loan. This is something we’ve all been waiting for; we just have to hope
they can deliver.
The same guidelines will apply;
1. They must be current on their mortgage and have
no record of late payments within the last six months, and may only have one
late payment in the past 12 months.
2. The current loan-to-value ratio (LTV) must be
higher than 80%
We have no word when this new HARP 3.0 will be available….
Keep your fingers crossed!
Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
808-637-0011
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