New HARP Refinance Guidelines

harp refinance guidlinesThe New HARP Refinance Guidelines has been update. This is great news for those homeowners under water. If you have a FannieMae or FreddieMac loan you might be eligible to refinance and take advantage of the lower interest rates. With a lower rate you could take the extra money and pay off that debt and / or build your nest egg. In a recent article I wrote, "Refinancing Can Help Build Your Nest Egg" I have examples of how much you can save by lowering your interest rate just 1%.

Here are a few of the changes for HARP Refinancing:

1. Eliminated or raised the loan-to-value (LTV) cap. No LTV restrictions for fixed-rate mortgages with terms up to 30 years, including those with terms of 15 years.

2. Relaxed representation and warranty stipulations. The lender will not be responsible for any of the representations and warranties associated with the original loan.

3. The lender is not required to make any representation or warranty as to value, marketability, or condition of the subject property unless they obtain a new appraisal.

4. The lender is also relieved of the standard underwriting representations and warranties with respect to the new mortgage loan as long as the data in the case file is complete and program instructions are followed for collecting information on income, employment, assets, and fieldwork.

5. The original mortgage must have been sold to Fannie or Freddie prior to April 1, 2009 to qualify for a HARP refi.

6. The new HARP program has been extended through December 31, 2013.

If you need more information about the HARP Refi program or considering refinancing give me a call 703-330-4423

Looking for information on real estate in Prince William County, Manassas or Manassas Park check out www.PrinceWilliamCountyHomeInfo.com

Whether you are a first time buyer or an experienced investor, you will find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed real estate decision in today´s market.

"Your One Stop Shop for Real Estate Information!"

Susan Jacobs
703-347-4418
Associate Broker

Re/Max Gateway

Home4Sale@mris.com

www.PrinceWilliamHomeInfo.com

Search Homes For Sale

https://www.facebook.com/SusanJacobsTeam/TWITTERRSS FEEDYOU TUBERe/Max Gateway

Comment balloon 0 commentsSusan Jacobs • December 29 2011 02:59PM
New HARP Refinance Guidelines
share
The New HARP Refinance Guidelines has been update. This is great news for those homeowners under water. If you have a FannieMae or FreddieMac l oan you might be eligible to refinance and take advantage of the lower interest rates. With a lower rate… more
Real Estate Market Update for November 2011
share
Real Estate Market Update for Prince William County, Manassas & Manassas Park There is currently 1, 254 active homes on the market for sale and 427 that sold in the month of November. In October's Real Estate Market Update I reported 1, 486… more
What Home Warranties Don’t Cover
share
What Home Warranties Don’t Cover Home warranties are often promoted as a “will fix or replace” piece of mind insurance. While home warranties do give piece of mind they do not provide “fix all” coverage. Home warranties are designed to cover… more
Ribbon Cutting For Buffalo Wild Wings
share
Ribbon Cutting For Buffalo Wild Wings The Prince William Chamber Of Commerce hosted a ribbon cutting on December 5, 2011 for gave away FREE wings for a year to the first 100 people in the door. Wow you should have seen the crowd. It was… more