HARP 2 is a financing option available to home buyers in the Philadelphia area. HARP 2 is a Government program that allows underwater borrowers to refinance their mortgage to current interest rates without paying down principal and without having to pay mortgage insurance. Below is additional Philadelphia HARP 2 financing information for home owners to consider.

Benefits of HARP 2 Financing

Lower your rate if you are underwater. Your mortgage must be owned by Fannie Mae or Freddie Mac.

Philadelphia HARP 2 Financing Requirements

 The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac  The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009. The current loan-to-value (LTV) must be greater than 80%. The borrower must be current on the mortgage at the time of the refinance, no late payments in the past six months and no more than one late payment in the past 12 months.

Summary of HARP 2 Financing

Specific requirements of HARP 2 financing can vary based on the lender, type of property, and your personal financial situation. Above are only general guidelines. For additional details on Philadelphia HARP 2 refinancing or purchasing a property in the Philadelphia area, please contact Thomas Spitko at Residential Home Funding by calling 484-770-8478 or emailing Tspitko@rhfunding.com. You can also visit his website at www.phillyfinance.com to apply.

Sponsored By: