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Wednesday, May 30, 2012

HARP @ Hype or ??

Hype about HARP 2 and You. Excerpt from the Los Angles times, CNN News, Fox, MSNBC Like all loan programs, HARP 2.0 can’t solve all problems for all homeowners seeking to refinance. To be eligible under the current program, the mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. These programs set up a loan limit of $417,000, but can be up to $625,500 in high cost areas. The current loan-to-value ratio (LTV) must be over 80% and has no LTV limit for fixed rate mortgages Homeowners must be current on their mortgages, with no late payments in the past six months and no more than one late payment in the past year. Even with these limitations, however, many homeowners should be able to lock in some very favorable interest rates, and help put their upside down houses back on their financial feet. That is, for borrowers who qualify. Questions ask Mr. Will or Email mrwilljville@comcast.net

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