Changes to the Underwater Refinance Plan

See If You Can Benefit

On October 24, 2011, President  Obama announced plans to open up refinancing to more homeowners who are  underwater. This proposal was a revision to the previous Home Affordable  Refinance Program (HARP) and is now known as HARP 2.0.
Some of the major  changes under HARP 2.0 include:
No  underwater limits: Previously, borrowers whose loan-to-value limits  were greater than 125 percent were ineligible to refinance. Now, borrowers can refinance no matter how far  their homes have fallen in value.
Appraisals  may be eliminated and underwriting relaxed for most borrowers: Being  able to use this program may save time and money, and remove some of the  anxiety from the refinancing process.
Deadline  extended: Borrowers now have until December 31, 2013 to get refinanced under HARP 2.0.
These changes  will be put into effect by Fannie Mae and Freddie Mac the week of March  19, 2012.
It’s also important to note that  the HARP 2.0 Program is for loans that were secured by Fannie Mae and Freddie  Mac prior to June 1, 2009. Currently, loans obtained after this date are  not eligible for this program. You can determine whether your mortgage  is owned by either Freddie Mac or Fannie Mae by checking the following  websites:

Give me a call or send me an email if you want to learn more  about these changes. I’m always happy to  answer any questions you may have!
Sincerely,
Jim Marcinkowski Inlanta Mortgage jimmarcinkowski@inlanta.com

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About Best Florida Mortgage Company! Jim Marcinkowski

Mission Statement Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships. NMLS 182565, NMLS 1016
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