First Choice Lending – Home Affordable Refinance Program (HARP Mortgage)

First Choice Lending of New Jersey has announced they will be participating in the Home Affordable Refinance Program. The program has been updated allowing more homeowner’s to take advantage of the program.

The New HARP Mortgage Program Guidelines, phase 1 beginning December 1, 2011 and phase 2 begining March 1, 2012 both have several benefits for home owners:

• The program has been extended until December 31, 2013.
• December 1, 2011 the maximum Loan to Value (LTV) will be 125% of the property value who currently do not have mortgage insurance.
• March 1, 2012 The maximum Loan to Value (LTV) cap of 125% will be removed on homeowners looking to refinance in to a fixed rate mortgage, with no limit as long as current loan does not have mortgage insurance. If you currently HAVE mortgage insurance you will be capped at 97%.
• If a homeowner currently does not have PMI, they will continue to have no mortgage insurance.

First Choice knows that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach. Building on the industry’s experience with HARP over the last two years, we have identified several changes that will make the program accessible to more borrowers with mortgages owned or guaranteed by the Enterprises. Our goal in pursuing these changes is to create refinancing opportunities for these borrowers, while reducing risk for Fannie Mae and bringing a measure of stability to housing markets.

First Choice Lending is recommending homeowners to call in and see if there loan is owned by Fannie Mae, to determine there eligibility.