HARP 2.0 Refinance Program can help Georgia residents save thousands | Real Estate
ATLANTA – Just over a year ago the government rolled out a new refinance program for Georgia residents. This program has been an overwhelming success. The primary function of this program is to help Georgia homeowners that are currently underwater with their mortgages qualify for a new loan with an extremely low interest rate. The guidelines from HARP 2.0 have continued to loosen as the program matures.
Eligibility for a HARP 2.0!
- Mortgage must be owned by Fannie Mae or Freddie Mac (click here to see if you qualify http://www.harprefinancegeorgia.com/#!who-is-eligible?)
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- Homeowner must be currently employed
- The current loan to value ratio needs to be greater than 80%
- The borrower must be current on their mortgage at the time of the refinance with a good payment history in the past 12 months
Some of the benefits of this particular loan:
- Skip a mortgage payment
- Reduced interest rates
- Monthly Savings
- No appraisal required
- Possible reduction in mortgage term