Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

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Hart West Financial May 18, 2013

Understanding The HARP 2 Loan Program

Mortgage-Key-Document-252During 2012, President Barack Obama introduced HARP 2 refinance program for troubled homeowners. According to Arizona Central Channel 12 News, more than $500 million is available to Arizona homeowners who have been hard hit by declining property values.

Arizona homeowners who are current on their mortgage but are dealing with values lower than their outstanding mortgage may seek relief through this program.

HARP 2 – Who Qualifies?

There are some specific requirements necessary to qualify for a HARP 2 loan. These criteria are important since homeowners who do not meet these basic qualifications will not be able to use HARP 2 to refinance their underwater mortgages.

The criteria are:

Loans must be Fannie Mae or Freddie Mac owned – this means homeowners who used sub-prime mortgages or jumbo mortgages not backed by these programs will not be eligible

Age of mortgage – the homeowner must have taken the mortgage prior to June 1, 2009. Homeowners who refinanced after this time will not be eligible for HARP 2.

Payments and credit – borrowers must be current on their mortgage and have a credit score of at least 620. Borrowers may have one past-due payment within the prior 12 months but the loan must be current at the time of application.

Mortgage Terms For HARP 2

Borrowers with both fixed-rate and adjustable rate mortgages are eligible for HARP 2 loans provided they meet the other criteria. However, an important restriction is the loan-to-value for adjustable rates: The amount of the loan may not exceed 200 percent of the property value to be considered eligible for a HARP 2 refinance.

Borrowers should also be aware that interest rates are not as low as current market rates, typically up to one-eighth to one-quarter percent higher than the current market rates.

Homeowners who are eligible for HARP 2 have until December 31, 2013 to apply for the HARP 2 loan program.

Borrowers should contact HartWest Financial to see if they qualify for the program.

It is important to work with an experienced lender like HartWest Financial because not all lenders will offer the same great interest rates or terms.

Click Here To Start Your Online Secure Mortgage Application For A HARP 2 Refinance

Filed Under: Custom Content, Mortgage Guidelines Tagged With: Custom Mortgage, HARP 2, Refinance

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About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

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Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
Cindy Schweikert Loan Originator NMLS #116611
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9805 E Bell Rd. #120
Scottsdale, AZ 85260

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