Worthington, OH -- (SBWIRE) -- 08/20/2013 -- Did you know the government backed HARP 2.0 refinance program is available for investment properties? Even if you have up to 10 mortgages, you may still be able to refinance to the lower HARP rates. If you have PMI currently, we are able to transfer PMI from the current loan to the new loan in most cases. Most HARP 2.0 loans do not require an appraisal which saves money on closing costs.
What is the HARP 2.0 Program
The original modified HARP program - HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program - is specifically targeted towards Ohio homeowners having a loan-to-value ratio less than 125 percent. However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Ohio borrowers, even real estate investors, can now refinance under this program.
HARP 2.0 gives Ohio homeowners the ability to refinance at today's low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. Wouldn't it be nice to increase your cash flow on your rentals with a lower payment? If you have been turned down before because you had a rental property, you should check again to see if you qualify.
Am I Eligible
Following are some of the eligibility guidelines. Call me at 614.388.8757 to determine your eligibility.
1. Your loan must be backed by Freddie Mac or Fannie Mae
2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.
3. Borrowers must be current on their mortgage for the last six months, and have no more than one late payment over the past year.
4. The mortgage must not have 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.
5. Must Not be a USDA, FHA, VA or Jumbo Mortgage
Investors, this is your chance to refinance, even if you are upside down. Please call me at 614.388.8757 to check to see if you are eligible.
For more information, go to www.HarpsLoansInOhio.com