I’ve received many inquiries about the new HARP 2.0 program. There are still many misconceptions and confusion about how this really works and who can qualify for this Home Affordable Refinance Program (HARP). Here are a few of the main requirements to qualify for HARP 2.0:

1. Your mortgage must be backed by Fannie Mae or Freddie Mac.

Not sure? You can look up if your loan is with either Fannie and Freddie  by visiting theses two websites:

• • https://ww3.freddiemac.com/corporate/?intcmp=LLloan
  • http://www.fanniemae.com/loanlookup/

There is also a helpful instruction video on how to use both searches:
http://www.youtube.com/watch?v=1RnsuI-PO8Y

NOTE: If the results of these searches aren’t clear, please contact your bank/lender directly since I’ve heard there may be some glitches in the search system.

2. You must have recieved the loan before June 1, 2009.

3. Your mortgage payments must have been paid on-time for the last 6 months and cannot have been late (30+ days) more than once in the past 12 months.

However, everyone’s situation is different and a Lender or a mortgage Broker can advise you accordingly per your individual needs. I’ve heard someone compare the HARP 2.0 program to an a musical instrument (after all, it is a financial instrument) — both the “melody” and the “rhythm” can be adjusted according you your situation to create a personal piece of music.

Here are few resources you can use to research more about the HARP program:

• http://www.makinghomeaffordable.gov/Pages/default.aspx?gclid=CJ_pu9O5o68CFQJ9hwodUy-jaQ
• http://www.makinghomeaffordable.gov/programs/Documents/MHA%20Brochure.pdf

Additionally, if you don’t have a Fannie or Freddie Mac-backed mortgage, you should contact your bank to see what refinance programs they have available. As I said before, there will be more and more programs available for homeowners who are under water, yet they may not work as perfectly or as quickly as we would all like them to.

If you have any questions feel free to contact me. I hope many of you will be able to utilize this program.

Wishing you and a very nice Spring Season! Hope everyone had a happy Easter!

Let’s spring into the season with the new refinance options for homeowners! HARP 2.0 starts this month. Some of you may be asking, “What is HARP 2.0?”.

In a nutshell, the US government has removed the value restrictions for refinances on Fannie Mae and Freddie Mac loans. If your loan was delivered to Fannie Mae or Freddie Mac Prior to 6/01/2009, you may be eligible to refinance at current low interest rates EVEN if your house “lost” its value. Sounds familiar? If you or anyone else you know who’s loan is greater than the value of the property, this is the program to look into. It is called HARP 2.0. Yes, this counts for investment properties and second homes.

Feel free to contact me if you are not sure whether you qualify for this program. Just send me a quick message and I’ll help you the best way I can! Also, forward this information to all your family and friends that maybe interested in this refinance program. HARP 2.0 may be the first of many solutions for homeowners, which is really good news! Hope all is well and Happy St. Patrick’s Day!

Love is in the air every year in February! I believe it should be in the air all the time, don’t you? With such positive vibes, it may be a good time to consider investing options in real estate. You may say, “Well, the market is not doing so good right now, so I’m not sure if this it’s the best time to invest?” If you’re talking about the stock market, I agree 100%. Yet one advantage of a distressed real estate market is that it provides a perfect base to increase and or build your real estate portfolio. It makes sense to buy when the prices are low, which is now.

What should you look for then if you are interested in purchasing properties? Anything from single family residential, duplexes, tri-and four-plexes to multi apartment complexes and mixed-use commercial buildings. As always with real estate, location is the key: with easy access to transportation, freeways, schools, parks and other amenities and high demand for rentals (which is only going to increase as requirements for getting mortgages become more strict). When purchasing an apartment complex, do your research and see if your rental property will not compete with many vacant and ready to rent single family homes. If in doubt, give me a call to get a better idea what may work for you!

For more information, please take a look at this Market Snapshot.