For the last three months, we have all heard a lot about HARP Mortgage Refinance Loans. A lot of people have asked me “Rich, are low mortgage rate HARP Mortgage Refinances available in Houston, Texas?
We all know that Houston was not hit as hard as many of the other markets out there during the real estate meltdown, but there are definitely some areas where the properties are under water and they can not refinance…that is, people owe more on the homes than they are worth, however, they are paying a relatively higher interest rate… somewhere about 5.5%. Many of the people who are in this situation had plenty of equity in the past, however, due to foreclosures, short sales or other factors, the values in their neighborhoods fell. These home owners were unable to refinance their homes because the value of the home was less than the debt owed.
The HARP 2.0 program was released in concept last November by the Obama Administration but went into effect yesterday. It permits borrowers to refinance and drop their monthly payments regardless of the value of their home. If you have a Fannie Mae or a Freddie Mac loan, you live in Texas, and you are interested in refinancing, contact me at 281.841.1723! I will assist you in determining whether HARP 2.0 is the right program for you!