“The HARP mortgage refinance program is fast nearing its end and before it perishes into oblivion in 2016, financially distressed homeowners can still explore chances of getting approved for HARP plans for saving their homes as well as money.”
The HARP 2.0 refinance program is about to its final stages before it perishes into oblivion at the end of 2016. Hence, for distressed homeowners it could be the last opportunity to save their homes from possible foreclosures. Interest rates offered on HARP home refinancing loans could be as low as 4% and so if you are one of those borrowers, who are still facing financial strain in paying their monthly mortgage installments, you can urgently consult an expert to help you with further course of action. Remember, qualifying for federal housing financial support through the HARP plan is challenging.
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Under HARP mortgage refinance eligibility guidelines, only Fannie Mae and Freddie Mac insured home mortgages which have been approved on or before May 31, 2009 can qualify for refinancing. Besides, probable applicants also need to make sure they are current on their existing mortgage payments for the last 12 months and there must not be a single missed or late payment during the past 6 months. While there are not LTV restrictions in effect now, participating lenders may have DTI requirements which have to be met. Qualified and experienced mortgage experts could be able to tell you more on the subject.
While there are plenty of other alternatives for underwater refinance without HARP, the federal government’s initiative could be your best bet. This is because qualified borrowers can secure monthly mortgage payments which are within 38% of applicant’s gross monthly income. But to improve chances of getting approved for HARP plans, it could be vital for you to prepare and furnish correct as well as accurate paperwork. The documentation part of HARP refinancing is the hardest task in the entire procedure of obtaining approval. Many applications get denied very year only because of inaccuracies in the paperwork so it’s crucial that you find a competent professional.
Some websites could provide you valuable information on HARP refinance rates today. These online sites can also assist you to learn about HARP 2.0 requirements and processes online through an easy, simple and hassle-free procedure. No fees could be charged for the services that are being provided and the websites also help people to get free consultations from competent mortgage specialists across the nation. To get assisted by a local expert, all you need to do is just fill and submit a quick online application form by entering your state’s zip code. However, make sure that you are working with a reputed website like MortgageRefinance101.com