If you have an Arizona mortgage that was originated and sold to Fannie Mae and Freddie Mac before May 31 2009, you are eligible for the Home Affordable Refinance Program (HARP). The original HARP program was limited to borrowers who had a loan to value of 125% or below. Many homeowners have loan to values above 125% and have been unable to take advantage of the low interest rates in the market. Arizona, Nevada, and Florida will benefit the most from these changes to the program since these states have seen the greatest depreciation in home values throughout the country since 2007.
There is NO risk based fees for borrowers who want to lower their loan term
Fees are lowered in general
The 125% loan to value maximum has been thrown out. There is no maximum loan to value .
No appraisal will be required if a reliable automated valuation model (AVM) is available. Note, the value is not a determining factor, rather the qualify of the valuation is what would determine if an appraisal is needed.
Borrowers who reduce their loan term will receive lower fees
Lenders who fund HARP refinances will not have to commit to special representations and warranties that have typically made lenders hesitant to work with HARP
The end date for HARP has been extended to December 31, 2013
Your mortgage must have been originated and sold to Fannie Mae and Freddie Mac before May 31 2009
Borrower need to fully qualify based on acceptable income and assets
No late mortgage payments in the last 6 months & only 1 late allowed within the last 12 months
If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to email@example.com or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
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Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.BACK TO LIST