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HARP 2.0 Refinance - This program falls under the Making Homes Affordable Program and permits homeowners that have fallen on bad financial times, to refinance. HARP is a federal government program designed to help underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. Interest rates can be reduced drastically, and loans such as interest-only or adjustable interest rate loans can be eliminated and replaced with a better loan. Under the HARP 2.0 program there is no longer a requirement that you live in the home. Without the owner-occupied restriction, second homes and investment properties can be refinanced under the program as well. This program allows the homeowner to reap the rewards of a loan modification, such as a lower interest rate, as long as
you are current on your mortgage payments.
Reverse Mortgage - If you’re 62 years of age or older, and looking for money to finance a home improvement, pay off credit cards, pay off another mortgage or supplement your income, a reverse mortgage is the solution. Under a reverse mortgage, you receive money from the lender and generally do not have to pay it back for as long as you live in your home. The loan is repaid after you die, sell your home or when your home is no longer your primary residence. Even better is the fact that the money that is paid to you is tax-free and there are no income restrictions.
Call us today at 516-314-8433 to see if a reverse mortgage can benefit you or your family member.
Eligibility for HARP 2.0To qualify for a refinance under HARP 2, you must meet the following eligibility requirements:
- Your loan is owned or guaranteed by Fannie Mae or Freddie Mae
- Your loan was sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- You did not previously refinance your mortgage under HARP, unless you have a Fannie Mae loan and refinanced under HARP between March and May 2009.
- Your current loan-to-value (LTV) ratio is 80% or greater.
- You are current on your mortgage and have not been more than 30 days late in the past 6 months, and have been 30 days late only once in the past 12 months.