Breaking News Georgia Will you miss your chance to get a new loan up to 125%? Program to end soon

Breaking News Loan up to 125% on the HARP or Home Affordable program set to expire June 2011

H.A.R.P. Home Affordable Program
The Home Affordable Program is designed for homeowners who pay their mortgage on time but are not able to refinance because they have little or no equity in their home. But hurry this program is set to expire and many lenders do not understand the program or are too busy with the REFI boom to help you close your loan.

You must meet the following criteria to qualify for the Home Affordable Program:
  1. Your current loan must have been sold to Fannie Mae or Freddie Mac.  To find out, contact your current loan servicer or visit: http://www.makinghomeaffordable.gov/loan_lookup.html

  2. During the last 12 months, all of your mortgage payments must have been made within 30 days of the due date.

  3. Your new loan amount may not exceed 125% of the current appraised value of your home. 
To view rates and obtain a good faith estimate for a Home Affordable refinance with ATLRATES.com.

Frequently Asked Questions
If I have a first and a second mortgage, do I still qualify?
As long as the balance due on the first mortgage is less than 125% of the value of the home, you may qualify.  The lender on the second would have to agree to subordinate their loan to the new first mortgage, thereby remaining in second position.
Can I get cash out to pay off debts?
No.  However, provided the new loan amount will not exceed 125% of the value of the home, you may include all closing costs in the new loan so you don’t have to come out of pocket with any cash.
If I’m delinquent on my mortgage, will I still qualify?
No.  Borrowers who are currently delinquent on their mortgage should contact their current lender/servicer and ask about a loan modification.
Will I need mortgage insurance?
If your existing loan does not have Private Mortgage Insurance (PMI), it will not be required as part of your HARP refinance either. If your existing loan has PMI, your HARP refinance will also require it. PMI for this program will only be available through your existing PMI company.
Below are the HARP PMI guidelines of the major PMI companies:
Existing PMI Company Refinance with New Lender Refinance with Existing Lender
(Formerly GEMICO)
Max 105% LTV Max 125% LTV
45% Max DTI Per AUS Approval
New Premium Same Premium
MGIC Max 105% LTV Max 125% LTV
45% Max DTI Per AUS Approval
Same Premium Same Premium
.5% Upfront Fee 
PMI Max 125% LTV Max 125% LTV
Per AUS Approval Per AUS Approval
Same Premium Same Premium
Radian Max 105% LTV Max 125% LTV
45% Max DTI Per AUS Approval
New Premium Same Premium
UGI Not Available Max 125% LTV
   55% Max DTI
   Same Premium
RMIC Max 105% LTV Max 125% LTV
55% Max DTI (41% if Mtg payment increases) No DTI Requirement
New Premium Same Premium

How long will the Home Affordable Program be available?
The program expires on June 30, 2011. Your refinance transaction must be closed and funded on or before that date.

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