First the bad news, which is probably old news,… your house is underwater. Your mortgage amount is now more that the value of your home. Not exactly what you hoped for when you bought your beautiful new home.
Now the good news,… the Federal government recently streamlined and relaxed some its guidelines on its Home Affordable Refinance Program (HARP) which it initiated in April 2009 to help homeowners, stay homeowners. HARP 2.0 is an upgrade over the original program which might provide significant relief for some of our RiverPark neighbors. Under HARP 2.0, in most cases, there are no LTV (Loan To Value) limits and no appraisal is required.
HARP 2.0 may work for you, even if your mortgage balance is higher than the present value of your home.
So, if you wanted to refinance your home, but had concerns about your property value or your credit score, your might want to click on the HARP 2.0 link on the menu bar of this blog to see if you might be eligible for a HARP refinance.
This information is accurate of the date of this post.
- HARP Refinancing Continues to Surge, High LTV Share Skyrockets (mortgagenewsdaily.com)
- Do VA Loans Qualify for HARP? | MilitaryVALoan.com (militaryvaloan.com)
- What HARP 2.0 can — and can’t — do for you (cbsnews.com)