Harp 2.0 | How To Refinance An Upside Down Mortgage

How to take advantage of low rates when you have no equity.

Many homeowners today have good credit, they’re current on their home loan payments yet they see these amazing interest rates that are just out of reach because the equity in their house is either too low or even worse they are upside down, meaning they owe more on their loan than what the house is worth.

Well here’s the good news. Under the new HARP 2.0 guidelines coming out in March 2012 homeowners that are upside down may have an opportunity to refinance their loan to a lower rate regardless of their equity position.

There are 3 basic criteria that must be met.

  1. Your loan needs to be owned by either Fannie Mae or Freddie Mac. See the links at the bottom for more info on how to find out if Fannie or Freddie own your loan.
  2. You must be current on your existing loan and have good credit.
  3. You must meet affordability guidelines.

While this doesn’t solve the problem for everyone, it’s certainly a step in the right direction for homeowners that can satisfy those 3 qualifying elements.

If you’d like more information on what options are available for you, please feel free to call me and if you’d like to find out if your loan is owned by Fannie Mae or Freddie Mac click on these links and fill out the online form and you will get an instant answer if they own your loan or not.

Click here for Fannie Mae

Click here for Freddie Mac

For help on refinancing your home loan, please contact me directly  and I will be happy to assist.


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