Is a HARP my best option here, and what do I need to do?
I have all the prerequisites for a HARP except the LTV limit of 125. I bought the house at 170k, I still owe 160k (125k 1st loan, 35k 2nd), and the value is 130k now. My original mortgage was 80%/20% so I don't need PMI but I do have an interest rate of 6.875 on the first mortgage and 9.375 on the second one. I dunno if I can do anything about, no missed payments, credit score of 795. Any advice would be greatly appreciated. by greggo_921_735 from Salt Lake City, Utah. Oct 25th 2011
You would be a prime candidate for the HARP Program. Right now is an amazing time to lock in a low fixed rate mortgage and lower your payment. There are several factors to consider and I would be happy to discuss them with you further. Please let me know if I can help further and I will work up the numbers for you. Reply to jarrod@utahloanexpert.com
Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions
It appears you would be a good cantidate for sure. There are more things to verify and confirm, but it sounds like a good option for you. You can email me at jason@jasonrhall.com or call me to ask questions - I am in the Union Park Area and have been for 15 years.
Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions
As the guys below have suggested, it appears with the info you gave that you might benefit from the HARP program. Changes are being made right now to the program that might even make it easier for you to qualify for a refinance at today's low rates. One of the changes is that the 125% loan to value restriction is being removed. I am following all the new guidelines very closely because I have several clients who will benefit. You can contact me as well at linda@utahmortgageadvisors.com or call me at 801.550.1222.
Brian Summers (bsummersbsummers)
#51 ranked lender in Utah - 1 contribution
Chat with Linda Miller about this. (See answer and contact info above.) I am a REALTOR who has been working with her for some time now. She is very knowledgeable and will work hard to get your refinance done in a timely manner. Let me know if you have any real estate related questions in the future. bsummers@summershomes.com 801-613-2320
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
HARP would be ideal for you... WilliamAcres.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
HARP II, with less restrictive guidelines was announced 10/24/2011. Lenders should have the new guidelines in about a month, and actually doing the loans by December or January. Learn more about the new HARP 2 at http://mnrealestatedaily.com
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