Underwater Mortgage? HARP 2 Refinance Loan might help Tucson homeowners..


 

By Joseph Small


Have you recently tried to refinance your current conventional mortgage… only to be told that your house is not worth what you owe on it. There is a little known program that just got re-modified that might be of some help to you here in Tucson or Phoenix Sierra Vista, as well in Sahuarita, Green Valley and Nogales, Arizona. This program is called the Home Affordable Refinance Program or HARP 2 refinance loan.

Click here to get HARP refinance loan rates.

The Joe’s My Lender team at Guild Mortgage Co. are the HARP 2 home loan refinance experts! We are here to help you with honest answers to your many questions on this program. And let me tell you, there has been a lot of buzz and questions, as well as mis-information, floating around out there on this refinance program. And Guild Mortgage is a direct lender, which means we aren’t going to broker your HARP 2 refinance loan out to someone else. All done under our roof!!

By now, you have probably heard the term underwater or upside-down mortgage. This commonly used term refers to a home in which it’s value is less than what is owed on it. Whatever jargon you use, it has prevented millions of responsible homeowners from being able to take advantage of these historically low mortgage interest rates.

Over the past few years, millions of responsible homeowners sought out refinance programs to try to lower their monthly payments… only to get the discouraging news that they were “underwater” or “upside-down” with their mortgage… so NO Luck! If you are on this website page, then there is a great chance that you have been there and done that. Am I right?

Click here to get HARP refinance loan rates.

HARP Loan for Tucson Homeowners

So what is the HARP refinance program? HARP stands for the Home Affordable Refinance Program. It has been around since 2009, but it is the 2011 revisions to HARP that makes it what it is – and all the buzz you have perhaps been hearing. The original HARP home loan refinance program had a Loan-to-Value or LTV cap at 125%; which, unfortunately, only a small amount of homeowners were able to qualify under and take advantage. For States like Arizona, and for hard hit cities like Sierra Vista and Tucson, their high LTV’s prevented the homeowners from using this refinance program.

The October 2011 revisions to the Harp 2.0 Loan Refinance Program did away with the Loan-to-Value or LTV cap. So the good news is that it does not matter how much you are underwater or upside-down on your mortgage, which really helps those living in the hard hit areas such as Phoenix and Tucson. However, there are three (3) main criteria that you should be aware of about the HARP home loan refinance program:

1. Your loan must be owned by Fannie or Freddie (we can find out for you if you don’t know). ASK US: Click HERE
2. Your loan has had to be on Fannie or Freddie’s books since June 1, 2009.
3. You cannot have any late mortgage payments in the last 6 months, and only 1 30-day late payment in the past 12 months.

Since we have been getting a lot of questions on the HARP home loan refinance program, our team decided to take the time to put together a nice detailed report that answers the 35 most frequently asked questions about the new HARP 2.0 home loan program. Our goal is to be your go to trusted resource that will help guide you to understand the new HARP Loan program – and hopefully take advantage of it.

To get the FREE report on the 35 Most Frequently Asked Questions (FAQ’s), just click on the “Free HARP 2.0 FAQ Report” link below and it will take you to our HARP FAQ Page (HARP Report), fill out your name and a good email address. Within a few minutes, we will email the report to your inbox. It is very helpful!

Free HARP 2.0 FAQ Report

Will there be a HARP 3 refinance loan program for those who do not have a loan owned by Fannie Mae or Freddie Mac? HARP 3

Note: All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.
 
Joseph Small and his team at Guild Mortgage Co. is your trusted source for all your HARP refinance loan needs in Tucson, Sierra Vista, Sahuarita, Green Valley and Nogales, Arizona. Give Joe and the team a call to get started. (520) 303-5620

HARP Lookup Tool


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2 Responses to “Underwater Mortgage? HARP 2 Refinance Loan might help Tucson homeowners..”

  1. Steve Gilmore Says:

    Thank you for the helpful information. Can you help me: I have a Freddie owned loan with mortgage insurance. My bank said they can’t do HARP loans that are owned by Freddie. I am at 6.75% with good credit.

     
  2. Joseph Small Says:

    Thank you Steve. We are a direct HARP 2 Lender, so we can definitely help you out. Wells Fargo, GMAC, Chase,…or any other servicer.. we can do – as long as it is owned by Fannie or Freddie and meets the program requirements. Just give us a call or click the contact us tab at the top.

     

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