Update to HARP Refinance Loans!

Good news if you are in the group of folks that would like to keep their Atlanta home but really can’t afford it at the moment.  HARP Loans are better now and for several reasons.

First off, an Atlanta HARP loan (Home Affordability Refinance Plan) is simply put: Just refinancing your home.  The fun part comes in is that the same criteria being used for a loan except the most obvious one, the appraisal.  Since the market is understandably down your value is likely less than what your mortgage is, making a traditional refinance impossible and thus forcing you to contact an Atlanta Short Sale Specialist. A HARP loan is still just a refinance and it can keep you in your home only if you can afford the home.  There are certain income requirements.  It’s also only for Fannie Mae and Freddie Mac folks.

What are the changes to HARP?

• The new HARP replaces the obligatory appraisal with a computerized model of your home value, called an Automated Valuation Model (AVM). So, whether you owe 110% or 300% of the current value of your home, you will be able to refinance to a lower rate. Source: (Atlanta Harp Refinance)
• Elimination of fees that some lenders were charging.
• Elimination of risk based penalties for those wanting refinance to shorter terms.

You must be current to qualify, so if you are behind, please contact us to stop foreclosure!