President Obama Announced Changes to the HARP Program

Are the changes President Obama announced to the HARP program good for those looking to refinance their underwater mortgage? I'll tell you what I think about it.

http://ratesinmotion.com/2011/10/25/president-obama-announced-changes-to-the-...

Category:

Howto & Style

Tags:

• HARP
• LTV
• President
• Obama
• Refinance
• FHFA
• Mortgage
• Underwriting
• Guidelines
• Greece
• Aid
• Program

[KevinHillRealEstate]

We have a Bank of America rep out of our office and he briefed us on the HARP program. Do you think its going to help many people? I think the loan limit is $417k and the borrower has to be employed, along with the being current on their payments like you mentioned.

[RatesInMotion]

@KevinHillRealEstate Good question Kevin. Yes I think it will be great for some. This is not the fix for all the housing issues out there but it is a step in the right direction. There are a lot of people current on their mortgage that still want to refi that couldn’t. This program is for them. I hope FHA comes up with a program that makes sense for people to refi with a reduced MI. When a borrower goes from 5.5% down to 3.75% and only saves $6 a month because of the increased MI it's not right.

[AndersBreivik911]

Listen up people,this is how the system works.The Obama Administration just wants to give people the impression that they are doing "something".The Making Home Affordable program is managed by a bunch of college students working for a nonprofit organization. They are idiots.There is zero value to modify a loan that should never have been approved - the workers in the program just want your information to include in their statistics.This program is not going to help anyone - unless you are black.