The HARP loan program (short for Home Affordable Refinance Program) was set to expire in June of 2012. As of now, the HARP program has been extended through the end of 2013. There haven’t been any major changes set for 2013 that are official. However, there is the possibility that a HARP 3.0 will be introduced. This will make refinancing available to even more homeowners.
What are the benefits of HARP in 2013?
By far, the biggest HARP benefit is this à it allows homeowners that may not previously have been able to refinance due to low equity or no equity the possibility of refinancing. With a HARP loan, you may be able to refinance even if you owe more money than what your home is worth. This applies whether you have only one loan or if you have a 2nd mortgage or equity line as well.
Also, there are other benefits as well. For example, certain things we normally take into consideration such as debt to income ratios (your monthly housing liabilities with your monthly credit reported liabilities divided by your monthly gross income) are more relaxed. In other words, we’re more tolerant than on a new conventional loan.
This is a big one – No appraisal is needed in many cases.
Who can take advantage of the HARP 2013?
Any homeowner that has a Freddie Mac or Fannie Mae owned loan that was acquired by these entities prior to May 31st, 2009.
You might be thinking, “well, since B of A (or any other lender/servicer) owns my loan, I must not qualify for HARP 2013”.
This is not true. Any lender can service the loan. For example, you might have a loan with Wells Fargo, but behind the scenes the investor may be Fannie or Freddie.
Contact me, Shawn Vaillancourt (National Mortgage Licensing System license # 387151) at ShawnV@HarpLoan2013.info to find out if your loan is owned by either one of these entities. If so, perhaps we can do a HARP loan for you in 2013.
To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info
Shawn L. Vaillancourt
Loan Officer NMLS # 387151