HARP on it to make your home more affordable

HARP is the acronym for a government program (they love acronyms) for the Obama Administration's Home Affordable Refinance Program. The program is addressed to the "homeowner who is current on [her] mortgage payments but unable to refinance to a lower interest rate because [her]home value has decreased..."

Eligibility for HARP is determined by answering yes to four questions-
1. Are you the owner of a one- to four-unit home?
2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
3. Are you current on your mortgage payments?
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

If you can answer yes to all four questions, then you may be eligible for the program. The next hurdle is the appraisal because loans are limited to a maximum amount of 105% of the appraisal value. Eligibility and qualification are different things.

The HARP website says:

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to re-finance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

We hope that HARP lives up to its promise.

Vested Title Inc.
648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306
Tel 201-656-9220 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com

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