Georgia HARP Loan
There’s barely any other state that was affected by the 2008 mortgage crisis as much as Georgia. At the time, the Atlanta metropolis was going through rapid expansion fueled by a surge in the demand for housing. After the burst, many Georgia homeowners were left with distressed properties that they could not sell. The poor performance of the market pushed home values even lower such that by the end of 2009 the median sale price was just $125,000. A good number of properties lost their equity, with some recording negative equity – a situation known as an underwater mortgage. Basically, it occurs when you owe the lender an amount that is more than the value of the house.
Luckily, the federal government introduced the Home Affordable Refinance Program (HARP) in 2009 to bail homeowners with little or no equity as well as those with underwater mortgages. Such mortgage loans cannot be refinanced the traditional way. To date, over 3.2 million Americans have refinanced using HARP, with a good number of them being Georgians. The good news is the program is still active. You can take a Georgia HARP loan today through Moreira Team. Other than revaluing your property, this refinance option will give you lower interest rates and better loan terms.
Are you eligible for a Georgia HARP loan? You qualify if your mortgage is owned or guaranteed by Fannie Mae and Freddie Mac. You shouldn’t have a late payment of more than 30 days within the past 6 months, and your loan-to-value should be at least 80%. You are still eligible even if you have been declared bankrupt before. Be sure to read more qualification standards in details right here on our website. Or you can reach us via call or email for more specific inquiries about the HARP loan in Georgia.
Georgia City Mortgage Service Areas