KEYWORDS:Obama Refinance 2013 Florida, Obama Refinance 2013 New Jersey,
The Obama Administration’s Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.
If you are current on your mortgage with or without equity then you are eligible for this program. As the government continues to purchase mortgage backed securities, rates continue to fall and are at record lows.
The Home Affordable Refinance Program allows you take advantage of current market rates even if you are underwater. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.
Homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.
If loan being refinanced does not currently have PMI then the new loan will not require PMI. The new loan must provide a benefit to the borrower in the form of a reduced P&I payment of at least 5% or more stable program.
The program should:
Credit score requirements:
The objective of a refinance under Home Affordable Refinance Program is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.
Homeowners whose mortgage interest rates are much higher
than the current market rate should see an immediate reduction in their
payments. Homeowners who are paying interest only, who have a low
introductory rate that will increase in the future, or who face a
balloon payment may not see their current payment go down if they
refinance to a fixed rate and payment. These homeowners, however, could
save a great deal of money by reducing the amount of interest you pay
over the life of the loan. Obama Refinance 2016.