HARP Refinancing Eligibility Expands: Homeowners should get their refinancing done when they have the opportunity to refinance their home mortgage through HARP and then enjoy how the savings add up as home values increase.
Good news for the Minneapolis housing recovery: To help homeowners keep their home, the Federal Housing Finance Agency (FHFA) recently launched a nationwide campaign to inform homeowners about the Home Affordable Refinance Program (HARP) and their benefits in it.
HARP Refinancing Options For Responsible Homeowners
The campaign is designed to encourage homeowners who have been making their mortgage payments, but who owe more than their home is worth, to contact their current lender or any other mortgage lender offering HARP home refinances to review their refinancing options. With mortgage rates still historically low and HARP eligibility requirements expanded, qualifying homeowners could reduce their monthly mortgage payments or increase their equity faster with a shorter term mortgage.
Freddie Mae Mac or Fannie Mae Must Hold the Home Loan
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31,2009. The current loan to The FHFA and the U.S. Department of the Treasury introduced HARP in early 2009 as part of the Making Home Affordable program. HARP is one of the only refinance programs that enables borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. Since its inception, more than 2.8 million.
Homeowner Eligibility Starting Points for HARP Refinancing:
* No 30-day+ late payments in the last six months
* No more than one late payment in the last 12 months
* Your home is your primary residence, a 1-unit second home or a 1- to 4-unit investment property
* The homeowners current loan-to-value (LTV) ratio must be higher than 80%. Calculate your LTV ratio with this tool. * Your loan was acquired by Freddie Mac or Fannie Mae on or before May 31, 2009. By using the loan look-up tools below, this date will be made available to you.
Fannie Mae has prepared a Loan-to-Value calculator to help homeowners with underwater mortgages estimate how much is still owed on the mortgage compared to your home's current market value. This calculator will use the inputs entered; therefore, for accuracy it is key that accurate information is imputed in order to receive results you can work with.
How To Determine if Your Mortgage is Owned by Fannie Mae or Freddie Mac?
Use their online tools to quickly find out, or call them toll-free:
Loan Look-up Tool:
Call: 800-7FANNIE (7 am to 7 pm CT)
Freddie Mac Loan Look-up Tool:
Call: 800-FREDDIE (7 am to 7 pm CT)
NOTE: Homeowners should check their address on both the Fannie Mae and Freddie Mac look-up tool. If your address does not appear in the look-up tool of either site, your home mortgage is not held under a Fannie Mae or Freddie Mac loan and you are not eligible for the HARP refinancing program.
"To date, more than 2.8 million homeowners have refinanced through HARP. With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today’s low interest rates by refinancing through HARP. " ~ FHFA Acting Director Edward J. DeMarco
Many Homeowners Have Already Gained Help
The Home Affordable Modification Program (HAMP) has already helped many homeowners reduce their monthly payments by a median of more than $540 each month. The savings in monthly expenses has helped many homeowners keep thier homes. Through government initiatives, housing counseling agencies are help struggling homeowners successfully complete and submit application documents to their lenders free-of-charge. These agencies will also develop and implement strategies to raise awareness of the program among potentially eligible homeowners.
Responsible Homeowners Have New Refinancing Opportunities
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government sponsored enterprises provide more than $5.5 trillion in dollars available to lenders and financial institutions. The funds are designated to reach more families as HARP refinancing eligibility expands to help responsible homeowners.
The housing recovery seems well underway! U.S. house price rises are consistent, consumer confidence is up, construction activity has been hitting highs not seen in years, and foreclosures are falling. Yet other homeowners still need a helping hand. Refinancing offers homeowners the change to reduce their monthly mortgage payments each month and thereby works to prevent further foreclosures. HARP refinancing at the past maximum loan-to-value (LTV) ratio have been set aside, and the 2% fees paid by some high-risk borrowers have been reduced or abolished in the new effort to reach more homeowners, according to the NuWire Investor.
Twin Cities familes who are looking to buy a Twin Cities home or who wish to sell their Minneapolis real estate may reach Home Destination at 612-396-7832.
Zillow Presents: HARP Refinancing 101
You have a prime chance to submit questions via a special tab on Zillow's Facebook page or through Twitter, using the hashtag #HARPrefi. Here are the details about the "HARP Refinancing Event" that you need to know:
WHO: Meg Burns, senior associate director for the office of housing and regulatory policy for the FHFA. Event moderated by Erin Lantz, Zillow director of mortgages.
WHAT: The topic to be covered includes current ins and outs of HARP refinance programs, which homeowners qualify and how to proceed with applying. Questions ware invited and will be taked directly from homeowners. You have time to prepare your questions!
WHEN: Thursday, Oct. 3 at 11:30 a.m. PDT/2:30 p.m. EDT.
"Even though HARP has been around for four years, estimates show that many more homeowners still stand to benefit from the program. We're thrilled to have the opportunity to connect these homeowners directly with the people who can answer their questions about this refinancing program." ~ Erin Lantz, Zillow director of mortgages
Download the FHFA Strategic Plan 2013-2017
Download the September 2013 FHFA announcment of new campaign to Reach More Eligible Homeowners for HARP Refinancing
Download the FHFA Efficient and Effective Strategy in the Message from the Acting Director DeMarco
Jenna Thuening, a Minneapolis residential Realtor informs homeowners that HARP refinancing eligiblity expands to help responsible homeowners.
Eden Prairie MN 55344
Jenna's home page: homedestination.com
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