When traditional routes of
refinancing have proven problematic and you are searching for a way to secure a
refinance loan in New Mexico, look to the Home Affordable Refinance Program
(HARP), Version 2.0 for answers.
The HARP loan is designed for
consumers to secure stable and affordable refinance loans when traditional
modes of refinancing are unobtainable, especially when New Mexico home values
are often well below that of the mortgage held by many homeowners. This is a
way to provide some relief and keep New Mexico homeowners and those around the
country in their homes.
Do
You Qualify For a HARP Loan?
The government has set strict
guidelines to qualify for a HARP loan. You must meet all of the following
criteria to qualify:
· Your current home loan must be owned by Freddie Mac or
Fannie Mae;
· Your present home loan cannot have been refinanced previously
under the HARP refinance program. There is an exception to this rule. For
homeowners with a Fannie Mae loan who refinanced under HARP from March 2009
through May 2009 are eligible for a new HARP;
· You must have a loan-to-value ratio of greater than 80% to
qualify;
· Your current home loan must be current and your past 12
months of payment history must be in good standing; and
· Your current loan
must have been sold to Freddie Mac or Freddie Mac on or before May 31, 2009 to qualify
for a new loan.
These guidelines are for reference
only and a qualified loan specialist can assist you in determining eligibility.
The
Process
Like a traditional loan, a HARP loan
requires a loan application and through underwriting process to ensure
eligibility. You can check your home’s eligibility for a HARP loan on the Fannie
Mae or Freddie
Mac websites. Simply enter your personal
information and address to determine if Freddie Mac or Fannie Mae owns your
loan. If your loan is owned by either lender, you will meet this eligibility
requirement.
You should check for eligibility
even if your loan is with Wells Fargo, Chase, or Bank of America. Oftentimes,
these banks will simply be servicing the loans and collecting payments and they
do not actually own the loans they service.
The
Rates and Features of the HARP Loan
Homeowners using the HARP loan
program will enjoy the same rates as traditional buyers. This is one of the
keys to the HARP refinance program. Also, borrowers need to be aware that HARP
is not designed to assist you in stopping or delaying a foreclosure. The
program is strictly designed to allow homeowners to refinance their mortgages
at today’s interest rates.
There is no restriction on your
loan-to-value (LTV) ratio under HARP. Homeowners who are severely underwater
can refinance under this program as long as they have a fixed rate 30-year
mortgage. For borrowers with an adjustable rate mortgage, there is a cap at
105% of the loan-to-value ratio.
Our
Team is Ready to Help You with Your Home Loan Needs
The new HARP 2.0 program rolls out
March 17th! When you find yourself in need of a loan, turn to the
professionals at Indigo Mortgage. Our knowledgeable loan specialists are
well-versed with HARP 2.0 rules and eligibility requirements.
Let us assist you in refinancing
your current home loan because no one cares more about your loan that we
do. Give us a call at 505.836.5700 to schedule an appointment with one
of highly-skilled loan professionals.
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