Over the last year home prices in Ohio have begun to rebound, as you can see on the following chart from Zillow.
How does that affect Ohio HARP 2.0 mortgages?
The main goal of the Home Affordbale Refinance Program was to aid Ohio homeowners that are underwater (owe more on their home that the home is worth). Now that homeowners are gradually getting their heads above water, is there any benefit to a HARP refinance.
Absolutely. As a loan officer, having closed many HARP refinances, I can attest to the ease of process, and overall benefit to Ohio homeowners. The biggest benefit for homeowners that are not underwater is the reduced documentation requirements and PMI (private mortgage insurance requirements)
A few of the benefits of a Ohio HARP Refinance for borrowers that are or are not underwater are:
- No Appraisal – Generally a Home Affordable Refinance does not need an appraisal.
- Refinance without PMI (Private Mortgage Insurance) – if your existing mortgage does not have PMI (or LPMI) then your new HARP mortgage would not need it, regardless of the level of financing, even above 80%
- Reduced Income Documentation – HARP refinances only require a Verbal Verification of Employment, one paystub for W-2’d borrowers.
- Elimination of Waiting Periods after Bankruptcy or Foreclosure – Ohio HARP refinances do not require that lenders comply with the waiting period and re-establishment of credit requirements for significant derogatory credit events (Bankruptcy, Foreclosure, Short-Sale, etc.)
I covered Ohio HARP refinances in a few earlier articles that you can find here
What is HARP 2.0
Benefits of HARP 2.0 Refinance
Can HARP Help Ohio Homeowners?
Are You Eligible for a Ohio HARP Refinance?
Do you currently have a mortgage securitized by Fannie Mae or Freddie Mac, check here. If so, and it was securitized before June 1, 2009, then you may be eligible. Get started with the Rate Quote to see how much money you could save.
