Oregon homeowners who are living under negative equity (Their home is worth less than their mortgage balance)may be able to use the all new HARP 2.0 government program to allow them to refinance at record low interest rates and payments.
Salem, OR -- (SBWIRE) -- 07/12/2012 -- More people than ever with homes in distress are able to refinance under the new HARP 2.0 program. This brings great relief for homeowners looking to dramatically reduce their interest rates and lower their monthly mortgage payments.
The only problem is that many Oregon homeowners don't know the program exists.
In fact, it's one of the best kept secrets of today's distressed financial markets.
Nationally Known Oregon mortgage originator, Jim Morrison educates his potential clients on the ins and outs of this program at his Online
Morrison explains that the Home Affordable Refinance Program (HARP) is a streamline refinance program created to help responsible Oregon homeowners who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home value.
In October 2011, Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in Oregon.
However, it was immediately discovered that the majority of participating lenders are not co-operating with the new guidelines and are placing additional severe restrictions on this program leaving the homeowners with the impression that once again, the homeowner does not qualify for the program.
Nothing could be further from the truth.
With the changes announced to the HARP eligibility guidelines (now called HARP 2.0), more homeowners than ever are now eligible to refinance at lower interest rates.
According to Morrison, the relaxed stipulations of the
HARP 2.0 program have already resulted in a large amount of loan modifications. Those Oregon homeowners with high LTVs ,(Loan-to-Value ratios),less than perfect credit scores, have mortgage insurance and even reduced incomes have been able to successfully refinance their homes. Any one of the previous conditions would have disqualified these homeowners in the past.
You May Be Eligible For A HARP Refinance If:
1) Fannie Mae or Freddie Mac owned or guaranteed your home loan.
2) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.
3) Your mortgage is current for the last six months.
4) You owe more than your home is worth, or have minimal equity in your home.
5) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.
6) You have no more than one late mortgage payment over the past 12 months.
7) Your loan is not an FHA, USDA or Jumbo Mortgage.
Call Jim Morrison at (503) 585-5223 or visit our HARP Refinance Center and fill out our Quick 1 Step Eligibility Form to see if you qualify for this new program.
For Answers to Your HARP Questions: http://getharphelp.com