When you have a conventional and conforming mortgage, but you find yourself underwater, there is a way to refinance without the need for mortgage insurance or a down principal payment. You can get a refinance thanks to the HARP 2 program. This plan was released on March 17, 2012, and it is available exclusively for American homeowners. Read More: Las Vegas Foreclosure Options
The original HARP program came out in April 2009 and it basically stands for “Home Affordable Refinance Program”. Additionally, the plan is known by the names: Relief Refinance, Making Home Affordable program, DU Refi+ or Obama Refi plan. Like any other refinance plan, the HARP program comes with a few eligibility requirements. The securitization date for the mortgage you have right now must be before June 1, 2009. Remember that you can’t use the plan if you have a jumbo, USDA or FHA mortgage. Read More: Las Vegas Short Sale / Las Vegas Foreclosure
The HARP 2.0 Refinance program was launched this year, on March 17, and it is interchangeable with the Making Home Affordable plan released by the government. In case your loan doesn’t appear on those sites, you cannot apply for HARP. At the same time, you have to keep in mind that you need to obtain eligibility prior to the refinance program. This is only a pre-qualifier. There’s something else you need to take into account. In order to apply for the plan you must be updated with the payments on your mortgage. When you know for sure that you are eligible for HARP, you have to get in touch with your lender to submit the application. If your lender doesn’t do HARP, you can always call on another lender to help you. Read More: Las Vegas Short Sale / Las Vegas Foreclosure
The HARP program is mostly the same with Freddie Mac as it is with Fannie Mae. There might be small differences, but this won’t affect anybody. In general, the guidelines are the same. After the bank sends you the rate quote for the HARP program and you feel that the interest rate is too high, you should shop around. By looking for a second opinion you can save a lot of money. Some lenders might refuse your HARP mortgage because your credit score is low or because the LTV is high. Generally speaking, banks have different approaches. If this happens to you, all you have to do is to search for a different bank. Read More: Las Vegas Short Sale / Las Vegas Foreclosure
HARP mortgage rates aren’t any different from traditional refinance rates. So, it’s always a good idea to shop around. This way, you’ll be sure to find the HARP program with the lowest mortgage rates. Finally, remember that the HARP plan will not help you stop or delay foreclosures. It only helps you refinance and obtain a low mortgage rate. Read More: Las Vegas Short Sale / Las Vegas Foreclosure
Regarding eligibility for the HARP program, you might want to know that the home loan needs to be paid on time for at least 6 months and it’s mandatory to be the first time using the HARP refinancing program. Even if you’re not ‘underwater', you are still able to use HARP and never forget that the program only refinances your existing loan balance. Read More: Las Vegas Short Sale / Las Vegas Foreclosure
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