We have all heard about the problem of “underwater” home mortgages.
If you are dealing with this issue, I want you to be aware of the extension of the Home Affordable Refinance Program. It has been extended for another year, until June 30, 2011.
As I understand it, these are the four most basic requirements to get help from this program:
- The existing loan must be guaranteed by Fannie Mae or Freddie Mac.
- Your home must be a 1 to 4-unit property.
- You must have a perfect mortgage payment history going back 12 months.
- Your first mortgage balance must be 125% or less of your home’s market value.
Not sure if your loan is backed by Fannie Mae or Freddie Mac? Check it out at Fannie’s website: http://www.fanniemae.com/loanlookup; or at Freddie’s: http://freddiemac.com/mymortgage. If it is not listed, you are not eligible for the program.
There are a number of other details to be aware of, but this will get you started.
You can get more info from the HARP FAQ section on the government’s official website. A next step after that would be to contact your mortgage loan professional. If you need a few references, email or call me. I can give you a few reputable options.
Don’t let fear of the bureaucracy prevent you from at least getting more information. You may find this to be a viable option, but you will have to do a little homework.
And of course you can always call upon me to help with the areas of your situation that may involve home buying or home selling.