HARP – Help for the “Upside Down” in New Jersey

Help For Underwater Home OwnersHARP stands for the
Home Affordable Refinance Program.

HARP, It can be helpful because it refinances your 1st mortgage, if you:

–         are “under water” – owe much more than their house is worth

–         have an interest rate that is higher than allowed

–         have an adjustable rate mortgage that has to reset

–         other such situations

Click here to get today’s HARP NJ Mortgage Rates.

The HARP program is only eligible for individuals with Fannie Mae and Freddie Mac backed conventional mortgages – not FHA, USDA or VA loans. Existing mortgages must have been originated prior to June 1, 2009.  The original Home Affordable Refinance Program was limited to 125% loan-to-value.  The new 2.0 version of the HARP program does not require an appraisal and there is no limit to the loan-to-value.

It is also possible to have reduced documentation for the HARP program. As long as your payment doesn’t increase more than 20%, you will most likely only need a verification of employment instead of providing tax returns and pay stubs.

If your current mortgage payment includes insurance, one of the greatest features of HARP loans are generally lower closing costs and more lenient underwriting.  However, the maximum cash out allowed is only $250.

To find out if you are eligible for the HARP program in New Jersey visit Free HARP Mortgage Rate Quote  or call me for a free consultation at 2o1-943-6800.

Source: www.mortgagedaily.tv

Click here to get today’s HARP NJ Mortgage Rates.

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