Advantages of a HARP Refinance

Some of the great features of this type of refinance transaction are:

  1. Generally lower closing costs
  2. Generally more lenient underwriting
  3. Sometimes no appraisal is required
  4. The same low rates that conventional loans qualifying for a conventional refinance transaction would get.  This includes adjustments for credit score, type of property, etc.)
  5. If your loan is owned by Freddie Mac, you may not be required to prove income.  NOTE:  If your loan is owned by Freddie, you will have to do your refinance through your current loan servicer.  However, Fannie loans can be done by any lender offering this program.
  6. NO MORTGAGE INSURANCE (even if you owe more than the house is worth)
  7. With a Fannie loan, all your closing costs can be included in the mortgage, so, except for a credit report fee and appraisal fee (if required), this loan does not require cash up front.

Remember, the goal of this loan is to reduce your current payments. There is a maximum of $250 Cash out allowed.

It is still possible that current loans with mortgage insurance, and/or loans for up to 125% of the current valuation may become eligible for HARP financing soon, so please keep checking back.  I will definitely make that announcement as soon as I hear more.

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