Recently, the government announced changes to the Home Affordable Refinance Program (HARP). The expanded guidelines are designed to make refinancing into todayʼs historically low rates accessible to more homeowners than ever before. While these changes are meant to ease the opportunity, many lending institutions continue to apply loan restrictions based on property value.
At Wright Financial Inc., we are committed to help homeownerʼs refinance into a better, more stable mortgage regardless of how far the value of their home has fallen below what they owe.
HARP 2.0 – Features
- No loan-to-value limitation
- No credit score requirement
- No worries if home has been listed for sale
- No occupancy limitations
- No appraisal if waived
- No limit on number of homes owned
HARP 2.0 – Benefits
- Reduced monthly principal and interest payments, shorter term, or move from an adjustable rate mortgage (ARM) to a fixed rate
- No minimum home value required; Refinance REGARDLESS of how far you are “underwater”
- Mortgage insurance is NOT required if you donʼt already have it on your existing loan
- No maximum combined loan-to-value with 2nd mortgage subordinating
- Less than perfect credit OK; No mortgage lates in past 6 months, one 30 day late OK in last 7-12 months
HARP 2.0 – Eligible Property Types
- Fannie Mae or Freddie Mac homeowners
- Primary residence, 2nd home or investment properties
- 1-4 units, condos, manufactured homes, planned unit developments
HARP 2.0 – Flexible Terms
- Fixed rate options; 15 or 30 year terms
- Incentives for reducing your loan term
"To find out if you qualify, Call us today:"
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