UPDATE! We are now accepting applications- Interest rates for this program will be announced March 19th 2012. Determine your eligibility before that time if possible. No Cost and light paperwork for approval.
HARP2 now applies to Rental and Second Home Properties!
In response to the national crises of declining home values and foreclosures, the Obama administration has just announced significant changes to some government sponsored loan programs. These programs ("HARP2" The Housing Affordable Refinance Programs) are designed to provide financial relief and keep Americans who are current on their mortgages in their homes.
Millions of Americans are locked out of refinancing at today's very low rates because their homes are worth significantly less than their mortgage.
It is reported that nationally 11million homes are "underwater". This new government initiative should change that. The new HARP2 initiative gives less weight to the apprised value of the home, and in many cases disregards it altogether based on certain criteria. (See Related Topics)
HARP2, which is anticipated to start funding in mid March 2012, will allow millions of homeowners to refinance to significantly lower payments or to fixed rate mortgages.
Click here to see if you qualify (or read more) Do I Qualify?
If your home is worth less than your mortgage, you may be eligible for this program. Even if the home is worth half it's original value, you may qualify. Because there will only be limited funds available it is imperative that you start the application process now. Your loan, if approved, could fund shortly after the funds become available. Restrictions will apply and not all applicants will qualify.
Fixed interest rates are expected to be in the 3.75% (APR 3.95%) to 4.5% (APR 4.72%) range based on today's interest rate environment. However, that is not assured and rates could be higher.
In January of 2012, the Obama administration announced another initiative that may help yet more homeowners who are not eligible for HARP2. The details of that anticipated loan assistance program have not been disclosed yet. If you don't qualify for HARP2 you might qualify for this yet unnamed mortgage relief product.
Click here to relieve updated information on the new Government mortgage programs: Keep Me Informed
