Investment Property Refinancing Under HARP2
English: Mortgage debt (Photo credit: Wikipedia)
If you currently own an investment property and would like to refinance to a lower rate, but the property value has declined to the point where you would have to put in a lot of additional cash in order to close, you should look into HARP2 by talking to your current lender to see if you qualify. The program is currently scheduled to end on December 31, 2013. You may be eligible for HARP if you meet all of the following criteria:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
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