• HARP 2.0 Guidelines For Michigan Homeowners Looking To Refinance Their Mortgage

  • This program’s main focus is to benefit responsible homeowners who are current on their mortgages and have lost equity by giving them a chance to refinance to a lower interest rate. Also take note that:

    • If you don’t pay mortgage insurance now, you are not required to pay mortgage insurance on your new loan.
    • The HARP program may also be used to refinance an investment or rental property.
    Does Fannie Mae or FreddieMac ultimately own my mortgage?

    Fannie Mae and Freddie Mac have both published look-up tools on their websites to help assist with finding out who owns your mortgage.

    If you have any questions about your eligibility or how to get started, please contact us by phone or email. We’ll be happy to discuss your options with you.

    The Success of the HARP 2.0 Refinance Program Here in Michigan

    Michigan saw a wave of short sales and foreclosures plague the housing markets for a long time as folks needed to get out of their high mortgage payments. Luckily, the HARP 2.0 Refinance Program has been a big success here in Michigan. For 2012, Michigan was ranked 5th in the U.S. for most homeowners refinancing their mortgage through HARP 2.0, accounting for over 10% of the nationwide HARP refinances!

    As a mortgage broker in Wixom, MI, we have had our fair share of experience with HARP Refinances. Since the program’s inception in 2009, over 37% of our refinances here at First Commerce Financial were HARP loans. If you would like to read more about the success (and room for improvement) of the HARP Refinance Program in Michigan, check out our latest blog post!

    This is the real deal folks, if you are still underwater on your home and would like to take advantage of lower mortgage rates, you have to look into this program!

    For more information, check out our current blog posts on the HARP 2.0 Refinance Program and sign up to receive HARP 3.0 Guideline Updates.

  • The Making Home Affordable Refinance Program (HARP 2.0) has helped thousands of underwater Michigan homeowners refinance at low interest rates and lower their monthly mortgage payments. If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance regardless of your Loan to Value (LTV).

    Can today’s mortgage rates help lower your monthly payments?

    It is no secret that homeowners in Michigan have gone through some tough times with the struggling auto and housing markets. Folks who bought homes in Southeast Michigan around 2006 saw their housing values plummet and equity disappear quickly. When you own more on your mortgage that it’s worth, you are considered underwater on your home and refinancing becomes difficult.

    What is the HARP 2.0 Refinance Program?

    The Home Affordable Refinance Program was created in April 2009 under the Obama administration. It is also known as the Making Home Affordable Plan or Obama Refi plan (search hashtag #MyRefi on twitter or check out their official website to find more information on HARP). The purpose of this program was to help people who saw their home values plummet during the housing crash to be able to refinance at today’s low mortgage rates regardless of what their home may be worth now.

    The 4 main requirements to be eligible for a HARP 2.0 Refinance are:
    1. Your current mortgage must be owned by Fannie Mae or Freddie Mac.
    2. Your current mortgage must have closed and funded prior to June 1, 2009..
    3. Your current mortgage is a conforming, conventional loan. – “Jumbo”, USDA and FHA loans are currentlynot eligible for the HARP program.
    4. Your home loan must be paid on-time for the prior 6 months and no more than one late payment in the last 12 months.
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