No equity? No problem. Refinance program up to 125% loan to value

Homeowners with little or no equity in their homes still have time to take advantage of the Government’s Home Affordable Refinance Program.

The HARP program is designed for borrowers with underwater mortgages but who are otherwise qualified and responsible borrowers. This program allows borrowers to refinance their primary residences up to 105% loan to value and in some cases a second lien up to 125% loan to value. Investment properties are eligible up to 90% first lien loan to value, with a second lien allowable up to 105%.

Your loan must be held by Freddie Mac or Fannie Mae to be eligible for this program. The large majority of mortgage loans are held by one of these organizations so this program is available to most borrowers.

This program offers the following benefits:

• Historically low interest rates;

• Streamline process with less paperwork that traditional loans;

• No minimum credit score needed (but you must be current on your mortgage payments);

• No out of Pocket Costs… All closing costs can be rolled into the loan;

• No appraisal required (in most cases); and

• No mortgage Insurance (provided that your current loan does not have MI)

To find out if you are eligible for this refinance program, check to see if you loan is owned by Fannie Mae or Freddie Mac. Just type your address in to the following sites:

• Fannie Mae look up tool: http://loanlookup.fanniemae.com/loanlookup/

• Freddie Mac look up tool: https://ww3.freddiemac.com/corporate/

If you home is listed on either site, contact Jay Hurst at jhurst@agsreward.com to get started on your refinance.