Obama’s Home Affordable 2.0 Refinance Program

HARP 2.0 Plan Set to Help Underwater Homeowners in Georgia

If you are a current homeowner with a FHA, VA, or USDA loan then you can stop reading. HARP 2.0 applies only to conventional, Fannie Mae and Freddie Mac financing. If you have a Conventional loan then read on and find out your options!

We still may be able to help with a FHA Streamline Refinance, a VA IRRL or a Short Sale depending on your situation.

Revamped a few weeks ago, President’s Obama’s Home Affordable Refinance Program (HARP) is expected to help thousands of current homeowners across Georgia and throughout Metro Atlanta take advantage of today’s low mortgage rates despite their equity position.

The original HARP refinance, launched in early 2009, was semi-successful, but had numerous limitations that prevent borrowers from using the program. The NEW Home Affordable Refinance Program opens the doors to a LOT of new borrowers.

With a projected 300,000 homeowners in Metro Atlanta upside-down the news that HARP 2.0 would be lifting some of the loan to value and pricing restrictions has a lot of Georgia home-owners excited about the money saving opportunities.

The goal behind the Obama refinance program is clear, allow Georgia homeowners to reduce their monthly mortgage rate. These savings will then be, hopefully, plowed back into the local economy which will add jobs and make a dent in the 10%+ Metro Atlanta unemployment rate.

What Georgia Home-Owners Can Participate in HARP 2.0?

The HARP Loan Program was created for current home-owners who are responsibly paying their mortgage on-time despite the fact they are underwater or upside down. Georgia, Florida, Alabama, Tennessee or South Carolina the HARP experts at HARP-REFI.net have the advice and expertise you need.

What Other HARP 2.0 Guidelines Do I Need to Know?

• Mortgage Payment History – You must have been ON-TIME with your mortgage payments for the prior 6 months and have had no more than one 30 day late in the past 12 months.
• Minimum Credit Score – Most lenders will require a 620 middle credit score to participate
• Mortgages with Lender Paid MI – Mortgages that have Lender Paid Mortgage Insurance (LPMI) are ineligible

How Will HARP 2.0 Help Our Foreclosure Crisis?

Compared to all of the government refinance programs, HARP 2.0 has the potential to work the best at stopping the massive title wave of foreclosures and short sales that are flooding the (city) and (state) real estate markets.

There are many benefits to refinancing and lowering your mortgage payment by hundreds of dollars rather than going into foreclosure, short sale or turning in your keys to the bank.

Maybe you like your school zone, you have family in the area, or the house in in the perfection location. Maybe you just hate to move, I certainly do!

Expect HARP 2.0 Demand to Be STRONG

With the details of the program slowly rolling out and lenders still interpreting and revising guidelines, it will likely be MARCH 2012 before HARP 2.0 refinance applications will be accepted.

Savvy homeowners are not waiting for the official roll-out to get a jump on the savings though. So, how can you get a headstart?

If you are underwater on your mortgage, regardless of whether or not you think you qualify for any of the available options, give us a ring to schedule a strategy session as soon as possible so that we can sit down with you and really explore the best decision that meets your needs.

Want to know more? Simple, click below and book a free, no obligation consultation. One of our experts will get back to you immediately with your options!