• Michigan is Ranked 5th in the U.S. in HARP Refinances

  • HARP 2.0 is Allowing Michigan Residents to Better Manage Their Mortgage and Lower Their Monthly Payments

    HARP 2.0 MichiganThere were over one million U.S. homeowners who took advance of the Home Affordable Refinance Program in 2012.  In January of this year, close to 100,000 homeowners refinanced their mortgage using HARP to improve their financial situation.

    It was recently released that the deadline for HARP 2.0 was extended until December 31, 2015. This will allow more homeowners to refinance through the program and give them time to build up their credit scores. Why is Michigan ranked in the top 5 for HARP refinance transactions?

    • Housing bust hit Michigan first and the hardest
    • Jobs left the state quickly and in large numbers
    • Demand for homes dropped as a result and inventory of homes available jumped
    • Values dropped faster than almost every other state
    • Michigan’s economy imposed fear of losing one’s home

    Michigan HARP 2.0 Statistics

    Since HARP 2.0 is specifically targeted towards homeowners whose homes have lost equity since the date of purchase, it is no surprise that Michigan is ranked #5 for most HARP transactions. Even though home values seem to be on the rise in Michigan, there are still over 3 million people who can still benefit from the Home Affordable Refinance Program.

    In January 2013, 40.72% of all refinances in Michigan were from a HARP transaction.  This number has the opportunity to grow with the expansion of the HARP 2.0 cutoff date and a potential HARP 3.0 program.  Guidelines continue to ease, making banks eager to provide as many HARP loans as reasonable.

    First Commerce Financial specializes in HARP 2.0 transactions and would love to help you improve your mortgage/cash flow position.  Give us a call today and we can see if you qualify for the program!

    (Statistics taken from The Daily Mortgage Reports)

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