Home Affordable Refinance Program
Posted On: July 2nd, 2009 by James Posted In: Mortgage Programs
I have just learned about some enhancements to the HARP loan. The HARP program is the new government sponsored refinance available to those with little or no equity in their property, also known as the “making home affordable” loan.
The “making home affordable” loan program is one that I have access to here at Mortgage Trust. I would be happy to look into the availability of the program for any of my readers.
One of the major flaws in the program up until now is that it was only available to those who did not have mortgage insurance. Well NOW, it seems that we will be able to make this available to those who used “lender paid MI” when they purchased their home. Additionally, the maximum loan to value ratio had been 105% (which meant that the program would allow your mortgage to be 105% of the actual market value of your home). NOW, the new maximum has been INCREASED to 125%. This is really awesome news. I haven’t seen much need for that kind of financing here in the Portland Marketplace, but what this will do is help stem the tide of foreclosures nationwide. Now that is something that will ultimately have a huge positive impact on our global economy.
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