Hoffman Estates, IL -- (SBWIRE) -- 12/19/2013 -- More Illinois homeowners than ever who owe more than their homes are worth may be able to refinance under the HARP 2.0 (Home Affordable Refinance) program. This is great news for homeowners looking to reduce their monthly mortgage payments and lower their interest rates.
Unfortunately, many Illinois homeowners don't even know the program exists.
Illinois mortgage originator, Allan Freitag educates his potential clients on the basics of this program at his Online HARP Refinance Information Center.
Freitag explains that HARP is a streamline refinance program created to help responsible borrowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home value.
With the changes announced to the eligibility guidelines (now called HARP 2.0), more homeowners than ever are now eligible to refinance at lower interest rates.
According to Freitag, the loosened stipulations of the HARP program have already resulted in an increased amount of loan modifications. Many Illinois homeowners with high Loan-to-Value ratios and less than perfect credit scores have been able to successfully refinance their homes.
You May Be Eligible For A HARP Refinance If:
1) Fannie Mae or Freddie Mac owns or guaranteed your home loan.
2) Your loan is not an FHA, USDA or Jumbo Mortgage.
3) Your mortgage is current for the last six months.
4) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.
5) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.
6) You have no more than one late payment over the past 12 months.
7) You owe more than your home is worth, or is there minimal equity in your home.
Call Allan Freitag at 847-885-2020 or visit our HARP Refinance Center and fill out our Quick 1 Step Eligibility Form to see if you qualify for this new program.