Homes Affordable Refinance Program 2 | Get your ducks in a row before March!
Hope for underwater homeowners rises as the president announced in October of 2011 (last year) that the Homes Affordable Refinance Program will be revamped and the loan to value limits will be lifted. This is fantastic, as a Phoenix Loan Officer many people come to me asking about the initial Harp loan and as soon as I run the comparable sales in the area I find out that they are more than the maximum allowable loan to value and I am unable to refinance them and lower their payments. We are talking about good hard working honest people who just bought in the wrong time, who even knew it was going to be the wrong time to buy? Heck even the real estate professionals in the business at the time thought it was a perfect time, boy were they wrong. BUT, the government has finally realized that if they can devise a program that will allow underwater homeowners to refinance their mortgages to lower household monthly debt that there would be a better chance that the homeowner would stay in their homes for the long term thus preventing as many foreclosures.
Because the first Homes Affordable Refinance Program could only help so many I believe big bank executives as well as the president saw this flaw and went back to the drawing board. Now, back to what I was originally writing this article for. Now is the time to get your ducks in a row, the Homes Affordable Refinance Program 2 is only going to work for homeowners whose mortgages are owned by Freddie Mac (FHLMC) and Fannie Mae (FNMA).. You ask, “well how do I find out who owns my mortgage”? My response to you is that I have provided the links to look your property up to determine who owns it. Yes, we have a few tools that come in handy every now and then. Here is the Lookup Tool for Freddie Mac and here is the Lookup Tool for Fannie Mae . Also, if you have any trouble looking this up you can contact me and I will help you.
I have read a lot of blogs online about people who are talking about the 6.25% rate they have and cannot refinance into the 4’s (today’s market rates) and are a bit frustrated. Matter of fact I have had my very own family members contact me and I am unable to do anything for them. Normally I am not a fan of any type of socialism in any type of economy however I don’t feel that they should be left out especially with all of their tax payer dollars that have gone to bail out Fannie and Freddie. Homes Affordable Refinance Program 2 rolls out in March, I expect you will be prepared for this if you are in that type of underwater high interest rate situation. When you are ready I would be happy to get you prequalified for this program. In the mean time stay tuned for more Homes Affordable Refinance Program 2 as this is a hot topic and I will write more articles as information comes my way.
If you know an underwater homeowner who is on time with their payments and cannot refinance due to their equity position please forward this Homes Affordable Refinance Program 2 information to them as you see fit. Thanks!
-Justin, Electric Loan Officer
Hi Justin,
I am definately interested in this for my home in CA. According to your tool, it’s owned by Fannie Mae (my mortgage is with Nationstar). When I bought my ex out in 2007, the only way I could afford the payments was to do an interest only loan (for 10 yrs) which means I am not getting the balance down. I owe about $386,000 and the comps are in the high $200,000 and low $300,000′s according to a realtor. Can you help me with getting pre-qualified for this program?
Call or email me.
my cell phone is 916-296-9955
Thanks!
Dede
Dede, I do hold a MLO license out in California as well and I will absolutely go through the options with you. The program guidelines are not out from Fannie just yet however I will get you on the list and get the ball rolling for you as soon as the product is launched.
Call me if you have any questions, have a great day! 623.687.7778