HARP is alive and well in Arizona and California
Although many of the homeowners who have called me have been sincere about wanting to stay in their home, some have realized that under their economic situation, the HARP 2.0 Program in Arizona and California will not do enough to lower their payment thus allowing them to keep their home. Some of them have talked about possibly considering a short sale but for the most part, many were thrilled to learn that we could save them anywhere from $150 to $600 off their current mortgage payment.
Yep! No appraisal, no value, little documentation and low closing costs and best of all lower rate meaning lower payment.
What I have learned in the last few weeks:
- No appraisal means no loan to value requirement: Although this is true, some of the large lenders are limiting this requirement. We are not - "sky is the limit"
- Short sales: If a client has had a short sale that is (obviously) not your primary residence, you can refinance under HARP 2.0 so long as you have not had any mortgage lates in the last 6 months and the loan being refinanced is owned by Fannie Mae. Freddie Mac is not eligible under this scenario. **Note: 9 out of 10 lenders do not know this and will tell you "NO!" at the drop of the term "Short Sale".
- Click here for more information about HARP 2.0 refinancing in Arizona and California