HARP 2 – No Maximum LTV

Phoenix Arizona HARP Refinance

Over the past few years, we have enjoyed historically low Arizona mortgage rates.  In a normal world historically low Arizona mortgage rates equate to Phoenix area homeowners refinancing and saving money on their home mortgage.  We all know our Arizona Real Estate world has been anything but normal over the past few years.  Decreasing values have made it difficult and oftentimes impossible for many homeowners to refinance due to the fact that standard mortgage regulations require that a homeowner have equity in their home.  As your Arizona HARP Mortgage Lender, I want to help you understand how HARP can help.

In an effort to help Arizona homeowner’s that were trapped by mortgage balances that exceeded their home’s value the government came up with HARP.   HARP was essentially a hybrid Conventional mortgage that came with a special set of guidelines which allowed Arizona homeowners that owed as much as 125% of what their home was worth to refinance to a lower mortgage rate.  While the idea sounded great and the intention was good, a limit of 125% was a ceiling that restricted the reach of HARP.

Arizona Homeowners Benefit from No HARP Maximum 

Far too many homeowners simply owed much more than 125% of what their home was worth and as a result could not access HARP’s benefits.  Fast forward to 2012.  That not so magical number – 125% – has been eliminated!  Fannie and Freddie have gone back in and retooled the existing HARP and released what we have now come to know as HARP 2.  HARP 2 has the same basic underlying foundation as its original counterpart however HARP 2 has some significant upgrades not the least of which is the removal of the 125% loan to value limitation.

Homeowners that meet other HARP guidelines can now utilize HARP 2 regardless of how far upside they are.  They are no longer capped at 125% of their home’s value.  As a result, the new and improved HARP 2 may actually be able to have the impact that the government had in mind when they created HARP!

To see if you are eligible for a HARP refinance please look up your address on the following two links (as your Phoenix Arizona HARP Mortgage Lender I can help you with this as well).  You can also APPLY NOW.
Call me today if you would like to find out how you may benefit from HARP 2!
By Jeremy House

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