With Harp Nearing Expiration, Secure One Capital is Assisting Homeowners Struggling with Harp Refinancing Approval

More than 3 million homeowners are still eligible for HARP, but with complex requirements and recent expansions to HARP 2.0, many homeowners are unaware they qualify.



In the past 6 months, tumultuous changes within the housing market have left homeowners uncertain about what to do with their greatest asset—their home. Recent changes include updates to HARP 2.0, the possibility of a HARP 3.0 approval and the Federal Reserve’s taper of the third round of Quantitative Easing, also known as QE3, which has resulted in rising mortgage rates. Secure One Capital has been a direct mortgage lender for 20 years and the experience to guide homeowners into the right program by taking market analysis into account and conducting a detailed needs assessment. As a FHA Endorsed Direct Lender, Secure One Capital specializes in government financing programs such as Federal Housing Administration, Veteran and HARP refinances and can help homeowners qualify, even if they have been denied in the past.

The recent appointments of Mel Watt as Federal Housing Finance Agency Director and Janet Yellen as the Chair of the Board of Governors of the Federal Reserve System, have introduced the possibility that government programs will begin to experience fundamental changes as the economy recovers. In December 2013, the Federal Reserve announced their decision to begin cutting back the bond buying program by $10 billion, bringing the new total to $75 billion per month. This announcement surprised investors who expected rates to stay down through the beginning of 2014. Still unemployment remains low and according to RealtyTrac an estimated 9.3 homes remain underwater.

Over 3 million underwater homeowners may still qualify for a HARP home refinance to lower their interest rate and monthly payments provided they have no late payments in the last 6 months. Fannie Mae and Freddie Mac have been quietly easing underwriting guidelines for HARP refinances. For instance, in October 2013 Fannie Mae and Freddie Mac announced they would start using the note date to determine if a mortgage would qualify for a HARP refinance allowing more homeowners to qualify. Other changes include more generous debt-to-income ratios and decreasing the amount of time a borrower has to wait to qualify after a bankruptcy or foreclosure. As notes are doing better and the housing market begins to stabilize, Fannie Mae and Freddie Mac are making changes without publicizing them. This makes it essential for homeowners to speak with a trusted mortgage banker, such as Secure One Capital, to determine if they qualify or may qualify with the next round of changes.

Borrowers who are not eligible for a HARP refinance with their current lender may qualify with a different lender. Secure One Capital’s commitment to excellent service has allowed homeowners to refinance even with past foreclosures, bankruptcies and delinquencies.
“We are committed to our borrower. If Fannie Mae and Freddie Mac allow us, we will find a way to fund it.”

HARP is a federal program that was created in March 2009 by the Federal Housing Finance Agency to help underwater homeowners refinance their mortgage without paying down principal and without having to pay mortgage insurance. HARP presents an opportunity for homeowners who are not currently behind on their mortgage payments and allows them to take advantage of today’s low interest rates. Secure One Capital is an ardent advocate for HARP 3.0 or additional expansions of HARP 2.0.





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