2. The current loan must have been originated prior to May 1st, 2009
3. The current mortgage must be current within the past 6 months and only 1 late payment in the last 12 months
4. Current mortgage can have Mortgage Insurance (big change from last HARP program)
5. No Appraisal required (big change from last HARP program)
Now rumor has it refinance fees in this new program are expected to be lower. Also if a client currently has a second mortgage, they could qualify if the lender in second position agrees to subordinate (we will go over this with the client). Also there are talks of a possible streamline process which could include limited income or asset verification. More news on this to come.
Since the program will have a window of opportunity associated with it, we encourge all homeowners in the state of Arizona who are interested in the program contact us to begin qualification.
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