Chicago, Il (PRWEB) July 22, 2013 -- HARP Mortgage Lender (http://harpmortgagelender.com), a national network of mortgage professionals who work with the Obama Administration’s Home Affordable Refinance Program, reports a continuance of savings for Illinois underwater homeowners who refinance through HARP.
According to the most recent refinance report provided by The Federal Housing Finance Agency (FHFA) reports on June 12, 2013 (as of April 30, 2013), the refinance volume remains high for Illinois, presented as the top five states from inception of HARP through the first quarter of 2013.
The total number of HARP Refinance Loans for the top five states include:
California - 343,303
Florida - 212,755
Michigan - 164,866
Illinois - 164,492
Arizona - 121,989
Based on reports provided by the Federal Housing Finance Agency (FHFA) released on June 12, 2013 ( as of April 30, 2013), Illinois alone resulted in 170,736 refinance loans since inception of HARP with 20,448 out of that number having LTVs greater than 125 percent. With the LTV limitation revised, the HARP Refinance is now able to help these particular borrowers who have exceeding LTVs. Another data within the same report showed that Illinois had 6,244 properties refinanced through the HARP Refinance loan program, with 1,805 having a Loan-to-Value (LTV) exceeding 125 for the recent quarter.
Negative equity data report provided by CoreLogic (analytics and business services) for the past three years the recorded analytics shows a trend of improvement for Illinois in Refinancing with HARP, negative equity for the state alone towards the end of 2011 was at 21.7 percent, increased to 28.4 for the last quarter of 2012, and is still increasing in the first quarter of 2013 with 29.2 percent as of June 12, 2013.
“HARP loans are still at an all-time high right now, enabling Illinois borrowers to refinance with a Loan-to-Value greater than 125 percent, helping to provide mortgage relief and to avoid possible foreclosure, which in the end result is quite beneficial to the economy as well due to consumer spending and confidence.” says Mark Madsen, HARPMortgageLender.com Vice President.
CLICK Here to see if your loan scenario fits Illinois HARP Refinance Guidelines
With many refinance options available, HARP Refinance Loans for Illinois is certainly high in volume, even though negative equity data is showing as a state alone there is slow progress.
About IL HARP
The Home Affordable Refinance Program was amended in October of 2011 through an agreement between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, which simplified the accessibility of the program for Illinois borrowers looking to refinance through mortgage lenders.
A main goal of the Illinois Home Affordable Refinance Program (HARP) is to help responsible borrowers with the process of streamline refinancing. Eligible Illinois borrowers who are current with mortgage payments but have seen their home lose value are given the option of IL HARP refinancing.
In general, borrowers must meet the following criteria:
1.)The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
2.)The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
3.)The mortgage cannot have been refinanced under HARP previously unless it is a
4.)Fannie Mae loan that was refinanced under HARP from March-May, 2009.
5.)The current loan-to-value (LTV) ratio must be greater than 80%.
6.)The borrower must be current on the mortgage at the time of the refinance, with no
7.)late payment in the past six months and no more than one late payment in the past 12 months.
Click HERE to check HARP Eligibility
HARP Mortgage Lender is a nationwide online network of home loan professionals and lending institutions that are authorized to deal in the Obama Administration’s revamped versions of the Home Affordable Refinance Program (HARP 2.0 - 3.0). To learn more from a HARP specialist, call toll-free at 888-460-2939.
Mark Madsen, Best Rate Referrals, http://bestratereferrals.com, 800-811-1402, mmadsen@bestratereferrals.com
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