Hello All,
Today I bring you some good news from the world of Real Estate Financing. A new refinance program has been approved and can save many people hundreds of dollars per month, even if they have negative equity in their current home!!!
It is called the HARP 2 Refinance Program for Freddie Mac and Fannie Mae owned loans. Here are the details in a nutshell:
The Home Affordable Refinance Program gives current homeowners the opportunity to refinance their existing mortgage NO MATTER WHAT THE MORTGAGE AMOUNT IS IN COMPARISON TO THE CURRENT VALUE OF THE PROPERTY.
This program is designed to help homeowners that are CURRENT on their mortgage payments for at least the past 6 months. You can finally take advantage of these historically low rates … AND YOU DON’T NEED AN APPRAISAL!
- NO Appraisal Needed
- NO Loan to Value Cap
- Current Interest Rates
- 2nd Mortgages can be subordinated behind the new 1st Mortgage
- NO out of pocket costs
The only exclusion to the program is Mortgage Insurance (PMI). If your current loan has Mortgage Insurance, then you would not be eligible for the new HARP 2 program.
**Please note if you currently have a FHA loan you would not be eligible for this particular program, but worry not, there is a similar option for FHA loans as well. Though there are differences there may be an option for you.**
If you are interested in this new program or an FHA alternative just give me a call or shoot me an email and I will get you in contact with the right people (I don't work in the lending field personally, but I know some great people who do). I would love to help you save some money!!!
Until Next Time,
Brian J Miller - The Miller Property Group
813-484-4813
BrianSellsFL@Gmail.com
Wednesday, March 7, 2012
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