Download 125_LTV_release_and_fact_sheet_7_01_09 as a PDF File.
As of July 1st, the HARP program is now allowing consumers who are upside down on their equity (about 13 million according to Moody's Consumer Research) to go up to 125% of their home value to take advantage of lower rates... Stopping the foreclosure rates is key to stabilizing housing and finding a 'bottom' to the market.
What does this mean for you? If you own a home that is worth $200,000, and you owe $250,000, you can still refinance to much lower interest rates. One key difference to this new initiative, is the goal of having home owners reduce their term from 30 years to a lower 25 or 20 year term. The shorter term might keep the house payment about the same, BUT provide a home owner a break even recovery in 4 to 5 years, versus the 10 plus years that is forcing many homeowners to throw in the towel.
Want to watch a video on the new program, become a student at NIFE and watch a short video on all the ins-and-outs of the new HARP program. It's FREE, and you can refer the video to friends after you watch it.
