Help for Underwater Home Owners- HARP 2.0

I know many people have been hearing about the HARP and HARP 2.0 loan (Home Affordable Refinance Program), but still have no idea exactly what it is.  Well here it is in a nut shell.  This is a refinance loan for homeowners that are upside down on their mortgage (owe more on their home than it is currently worth).  It doesn't matter how upside down you are, you may still qualify.  If you're not behind on your mortgage payments but have been unable to obtain traditional refinancing because the value of your home has declined, you may be eligible to refinance.  If you applied for this loan in 2010 or 2011 and were declined, try again, it really does not matter how underwater you are, it could be 300% and you can still qualify, it is worth looking into again.  So what is the catch?  Surprisingly enough, there aren't too many, it appears that this time the government got it right, or as close to right as they could. 

Qualifications:

• Your loan must have closed on or before May 31, 2009
• You must be current on the loan at the time of submission
• There is NO minimum credit score required
• Not available for Government loans (FHA or VA)*
• No more than 30 days late on your mortgage in the previous 12 months
• Bankruptcy, Foreclosure and Short sales are allowable, less than 3yrs (case by case basis)
• Your loan must be owned by either Fannie Mae or Freddie Mac** (see below).
• You do NOT have to live in the home, rentals and vacation homes are OK
• You do NOT have to go to your original lender
• Most cases do NOT require an appraisal
• Can be a single family, townhouse, condo, 1-4 units, manufactured home
• Proof of income by either pay stub or self employed borrowers 1 year tax returns
• You must benefit from the refinance (lower payment, lower the term of your mortgage or switch from an adjustable or interest only mortgage to a fixed loan).

Now, what is the first step?  You need to find out if **Fannie Mae or Freddie Mac owns your existing mortgage. Click on http://www.fanniemae.com/loanlookup/ or https://ww3.freddiemac.com/corporate/ if you find that your mortgage IS owned by one of these agencies and your mortgage closed prior to June 1, 2009, you may be eligible to refinance and lower your rate.  Contact Mortgage Solutions LLC at 702-368-0059 or any qualified lender to start the process. 

Unfortunately, if your mortgage IS NOT owned/backed by either Freddie Mac or Fannie Mae, this loan is NOT available to you at this time.  But keep your eyes and ears open, because the government has rumored a HARP 3.0 in the future for clients without Freddie or Fannie loans.

If you have an *FHA or VA loan, still contact Mortgage Solutions or any qualified lender, because there are programs available to government borrowers as well and they are generally easy to qualify for with very little paperwork needed.

Apply online now: www.mortgagesolutionsnv.com