HARP 2.0: Refinance your Underwater Mortgage in Arizona
HARP 2.0 is a federal program that was announced in October 2011. It is designed for homeowners who purchased their homes during the housing bubble, but now find their mortgage underwater. Initially, most of those people are unable to refinancing under existing programs due to the depreciation in their homes value. This is significant because up to half of Arizona mortgages are underwater.
The original HARP program which allowed a home owner to borrow up to 125% of their homes value was not even close to being as successful as it should have been because home prices kept falling after the guidelines were set. A big difference in HARP 2.0 is that loan-to-value limit has been removed. This means the program will be available for me to help many more people.
There are some qualification requirements. For instance, your mortgage must be owned by Fannie or Freddie. If you aren’t sure, you can look it up here at the links I have provided:
You must also be able to show you can afford your new mortgage should it be refinanced.
The full details of HARP 2.0 are still in the works, but we anticipate the program to be fully rolled out in Mid-March, but don’t wait to start then. Contact me now and find out how I can get you ahead of the massive tidal wave of people who will be looking to use this program! To find out how to get started and the other things you should know go to this link at prostaffmortgage.com. http://prostaffmortgage.com/get-started/harp-2-0-refinance-underwater-mortgage-arizona/