The Oregon HARP Refinance Program is gaining its momentum by helping a total of 65,815 underwater mortgages since program’s inception in Oregon alone.
Portland, OR (PRWEB) October 18, 2013
HARP Mortgage Lender (http://harpmortgagelender.com), a national network of mortgage professionals approved for the Home Affordable Refinance Program reports that the Oregon HARP program is growing significantly due to its beneficial purposes in helping homeowners refinance to a lower monthly mortgage rate that is better suited for their financial circumstances, as well as helping to decrease the number of foreclosures in order to boost the state’s economy.
The Home Affordable Refinance Program (HARP) in Oregon was recently updated in late 2011 by the Obama Administration’s #MyRefi plan agreed between the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac to help responsible underwater homeowners lower their monthly payments, encouraging near underwater homeowners to take action as well in preventing additional foreclosures in the nation. Oregon HARP is moving in the right direction with proven numbers of a 52% decrease in foreclosures since the previous month and 31% lower than the same time last year according to RealtyTrac (the leading online marketplace for foreclosure properties and real estate data).
CLICK HERE to see if your loan is eligible for a HARP Refinance.
Based on a most recent Refinance Report released by the Federal Housing Finance Agency (FHFA) (as of August 2013), Oregon represented 65,815 of the nation’s 2,886,856 mortgages refinanced under the Obama Administration’s Home Affordable Refinance Program since inception.
The Loan-to-Value (LTV) breakdown for Oregon is as follows:
80% - 105% LTV = 49,754
105% - 125% LTV = 11,492
Greater than 125% LTV = 4,569
CoreLogic (analytics and business services) provided a negative equity share 10.2 percent out of 712,000 residential mortgages in Oregon.
The average Loan-to-Value for the state was 70% with 18.7% (131,427) homeowners at or near a negative equity position in 2012. In comparison to the past year’s average Loan-to-Value in 2013, Oregon’s number of underwater mortgages has dropped to 63.3% with only 10.2% (72,624).
“The number of HARP refinances in Oregon alone are quite impressive, the HARP program is definitely living up to its name, affordable,” says Doug Jacobson, Branch Manager at Capital Hill Mortgage, an approved HARP lender in Oregon, “We still have until December of 2015 to help as many underwater homeowners as we possibly can to refinance, Oregon will continue to improve in foreclosure numbers as long as we are offering it to all eligible homeowners, the momentum for HARP is growing each month as we can see in these FHFA reports and to keep this momentum we must educate homeowners of the program’s benefits, as this is the solution many have been seeking for quite some time now.”
For Oregon homeowners who were struggling to make their mortgage payments on time but succeeded in doing so, the Oregon Home Affordable Refinance Program gives them a big break by giving them the option to take advantage of today’s low interest rates, and a chance to switch to a shorter and suitable loan term to help increase disposable income within their households. According to a Transunion report, Oregon only showed a 3.7% out of 712,000 borrowers to be delinquent on their mortgages.
The HARP Refi program in Oregon has allowed for thousands of Oregon homeowners a second chance at choosing an affordable loan term so they can continue making their payments on time without having to worry about straying outside of their budget plan each month. Because of the results that HARP is putting out, these once underwater homeowners have seen an increase in equity in their homes.
About Oregon HARP
The Oregon Home Affordable Refinance Program (HARP) was revised in October 2011 over mediation between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, expanding its eligibility to more borrowers who were not able to qualify before. The goal of the Home Affordable Refinance Program (HARP) is to help responsible borrowers refinance their underwater mortgage into a more stable loan program or term within a more affordable interest rate, making homeowners with an LTV of more than 125% to be eligible to still refinance.
Oregon HARP Program Eligibility Guidelines:
1) Fannie Mae or Freddie Mac owns or has guaranteed the first loan.
2) Fannie Mae or Freddie Mac purchased the loan prior to May 31, 2009.
3) Borrower must be current with mortgage payments.
4) Borrower owes more than their home is worth, or there is minimal equity.
5) All mortgage payments have been prompt in the past 6 months.
6) No sixty (60) day late payments in the last 12 months.
CLICK HERE to check your eligibility for The Oregon Home Affordable Refinance Program
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 866-442-2184.