Want to Save an Average of $179 Per Month on Your Mortgage? ~ Hampton Roads Real Estate Ramblings

Want to Save an Average of $179 Per Month on Your Mortgage?

Sunday, February 8, 2015

Hello Hampton Roads,

Want to Save an Average of $179 Per Month on Your Mortgage?
HARP, the Home Affordable Refinance Program, saves homeowners across the country an average of $179/mo.   

If you are current on your underwater mortgage, you may qualify for this program.  This is the new and improved HARP since its launch in 2009 so even if you didn't qualify before, you want to try again.   With a HARP refinance, you will get a mortgage with a lower rate and can potentially save thousands of dollars per year!  Best of all there is no minimum credit score required, closing costs can be bundled into the refinance.  


Here is what you need to qualify:
  • You are current on your mortgage payment with no 30+ day late payments over the past 6 months and no more than one over the past 12 months.
  • You got your mortgage on or before May 31, 2009.
  • The home you wish to refinance is either your primary residence, a 1 to 4 unit investment property, or a 1 unit second home.
  • Your loan must be owned by either Fannie Mae or Freddie Mac.  If you don't know, you can look it up here:  Fannie Mae Loan Look Up and Freddie Mac Loan Look Up
  • You owe more than your home is worth.  The current loan to value is greater than 80%; this means that the unpaid principal balance is more than 80% of the current property value. 

Check out this interactive map which shows HARP eligible loans throughout the country--you can even see the breakdown by zip codes: (Click the image below)


The deadline for HARP refinancing is December 31, 2015.  For more information go to, http://www.Harp.gov and if you need any help with your refinancing, let me know and I am happy to put you in touch with local lenders who can help!

Thanks for Reading,

View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn _________________________

Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+