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Monday, March 11, 2013 - Article by: Mohammadian - cmg financial - Message

Abdi Mohammadian

The Government Announces a New Benefit for Homeowners

The Administration has announced a major expansion to the Home Affordable Refinance Program (HARP) in an attempt to help more homeowners by enabling them to refinance high loan-to-value mortgage loans at current low interest rates. The changes are now effective and hundreds of thousands of homeowners will be eligible for this new program.

To qualify for the enhanced HARP, the existing mortgage loan of a borrower must be a conventional conforming loan and the current balance of the mortgage must exceed 80 percent of the value of the property. The homeowner must also be current on the loan at the time of the refinance and must not have had a late payment on the mortgage in the past six months or more than one late payment in the past 12 months.

The most important enhancement to this program is the removal of the loan-to-value ratio cap for eligible mortgages. Originally, any mortgage that exceeded 125% of the value of the property was not eligible. Now the loan can exceed 125% of the value. This change makes tens of thousands of homeowners eligible to refinance at today's record low interest rates. Even better, Fannie Mae and Freddie Mac are eliminating certain loan fees to make the refinances even more attractive.

Want to know if you are eligible for this great new program? We can help you by finding out whether your current loan is an eligible conforming loan as well as reviewing all of the qualification criteria. If you are interested in this free, no obligation review, we suggest you act quickly because lenders are likely to get inundated as soon as the word gets out. In addition, you never know how long these record low rates will last.

I look forward to hearing from you. Again, speed is of the essence.

Brought to you by: Abdi Mohammadian
2000 Crow Canyon Pl #100, San Ramon, CA 94583 | 925-785-7851 |

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