What is the loan-to-value restriction for HARP?
No. All house – it doesn’t matter how far under value they may be – qualify for the new 20112 HARP program. Contact us at 1-888-814-8406 or send us an email at info@finance1online.com for a HARP home loan rate quote.
I’m really far under value on my small mortgage. Can one use HARP?
Yes…absolutely, it is possible to. There isn’t any loan-to-value restriction beneath the HARP mortgage program so long as your mortgage can be a fixed rate loan with a term of 30 years or fewer. If you utilize an adjustable-rate mortgage, your loan-to-value is limited to 105%.
Maybe I wasn’t clear. I’m really, very far under value in my mortgage. Are you sure I’m able to use HARP?
Yes…absolutely, I am certain. The new HARP mortgage program specifically does not have any loan-to-value restriction to ensure that homeowners in Florida, California, Arizona and Nevada may take benefit of it. You can 300% loan-to-value, yet still be HARP home loan eligible. The HARP home loan is now unlimited LTV (LOAN TO VALUSE) for fixed interest rate loans with 30-year terms or less.
Basically refinance with HARP using an ARM, do I get “unlimited LTV (LOAN TO VALUSE)”?
Unfortunately no, if you use a leg for your HARP home loan, you’re restricted to 105% loan-to-value. Only fixed interest rate loans have the unlimited LTV (LOAN TO VALUSE) treatment.
Will my house require an appraisal with all the HARP mortgage program?
Sort of. Although your home’s value doesn’t matter for the new 20112 HARP mortgage program, lenders will run what’s called an “automated valuation model” (AVM) on your own home. In the event the value meets reliability standards, no physical appraisal will be required. However, your lender may choose to commission a physical appraisal anyway – in order to ensure your home is “standing”.
Is HARP exactly the same thing being an FHA Streamline Refinance?
Unfortunately no, the HARP home loan is run through Fannie Mae and Freddie Mac. FHA Streamline Refinances are carried out from the FHA. The programs have similarities, however.
Does Ginnie Mae take part in the HARP home loan?
Unfortunately no, Ginnie Mae doesn’t be involved in the HARP home loan. Ginnie Mae is a member of FHA mortgages – not conventional ones. HARP home loan II is perfect for conventional mortgages only.
Have i got get the HARP home loan with my current mortgage company?
Unfortunately no, that can be done the HARP home loan with any participating mortgage company.
So, I can use any mortgage lender for my HARP Refinance?
Yes. With all the Home Affordable Refinance Program, you are able to refinance with any participating the new 20112 HARP home loan lender. E mail us at 1-888-814-8406 or send us an email at info@finance1online.com to get a new 20112 HARP home loan rate quote.
