Dallas Mortgage Company Shares How HARP 3.0 May Impact Homeowners
Dallas mortgage company Churchill Mortgage Corporation is sharing insights on how an upcoming change in the Home Affordable Refinance Program (HARP) may impact homeowners.
The 2009 Home Affordable Refinance Program was a government-backed solution to the housing crisis. Under HARP, a local homeowner can refinance his or her Dallas mortgage loan. HARP targets those who are having difficulty keeping up with their mortgage payments.
In November 2011, changes to the Home Affordable Refinance Program (HARP 2.0) were made to address HARP application issues. Despite the changes, many homeowners with Dallas mortgage loans still had trouble applying due to some of the program's criteria.
HARP 2.0 required that loans be backed by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), and that the homeowner have less than 20% equity in the home.
For local homeowners, HARP 2.0 further required that their Dallas mortgage had to be secured before June 1, 2009 and that all loan payments for the past 6 months were made on time.
Churchill Mortgage Corporation reports that a removal of the required backing by Fannie Mae or Freddie Mac is being seriously considered. Should this push through, the change would likely apply to any Dallas mortgage loan begun between 2001 and 2007.
Churchill Mortgage Corporation advises consumers to stay tuned should further changes to the Home Affordable Modification Program push through. Interested parties can keep themselves updated by regularly visiting Dallas.ChurchillMortgage.com.
About Churchill Mortgage Corporation
Churchill Mortgage Corporation has been a prominent leader in the mortgage industry for the past 20 years. They are a team of mortgage professionals who care deeply about helping their clients get the right Dallas mortgage loans for their needs. Churchill Mortgage Corporation invites homeowners to visit their website, Dallas.ChurchillMortgage.com or to call (877) 466- 3620 for more information.
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Categories: Finance
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