The New 2012 Home Affordable Refinance Program (HARP) for Kentucky Mortgages
Upside down on your Kentucky home?
You May Be Eligible For the HARP Program If:
- Eliminate certain risk-based fees for home owners who refinance into shorter term mortgage and lowering fees for others
- REMOVING the current 125% loan to value (what is your LTV? refer to the formula at the bottom of this article) ceiling for fixed rate mortgages backed by Fannie Mae and Freddie Mac. This is huge as it allows borrowers who fit in the example illustrated in the beginning of this article to now take advantage of these lower interest rates through a refinance. Before, the home owner would just be turned down for financing. Now, if they owe 50% more then what their home is worth, they could save through rate reductions.
- Eliminating the need for a new appraisal where there is a reliable automated valuation model (AVM) providing a credible current market estimate of the property value.
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- Owe more then your home is worth.
- You do not have an FHA, VA or USDA loan.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
- Must have a loan originally sold to Fannie or Freddie on or before May 31, 2009
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