With the New Year, comes new help for Americans who are upside down in their home mortgages. Ladies and Gentlemen, let me re-introduce HARP! (2.0 that is!)

After many failed relief prpgrams from our Government, homeowners can finally breathe a sigh of relief. The plan is also called HARP, H.A.R.P., Making Home Affordable Plan, The Obama Refinace Plan, the DU Refi Plus Plan, or relief Refinance Plan (Freddie Mac). For those skeptics, especially the folks who have tried to refinance previously and could not due to their decreased home value, our government has finally got it right the second time around!

The previous release of HARP 1.0 did help thousands of homeowners. However, there were many more homeowners, hundreds of thousands of homeowners, who could not meet the program guidelines because their house value had decreased so significantly that they topped the maximum allowable loan to value of 125%. (Loan to Value means how much you owe comparedv to the current appraised value). Example: Loan amount is 125,000 and Value is 100,000, the LTV is 125%. (Divide the loan amount by the appraised/value amount to determine LTV)

With the new HARP 2.0 program there is NO MAX LTV, which means that homeowners whose values have plummeted far beyond now can take advantage of the historically low interest rates by refinancing their current mortgages and getting their payments lowered,

So by now you skeptics are asking how hard it is to qualify? Well here it is:

1.Your loan must be owned by Fannie Mae or Freddie Mac. If you are unsure if it is owned by either of these entities you can find out by clicking on the following links:

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

You may also call your mortgage company to find out this information. If you know your

mortgage is FHA, VA, USDA or JUMBO, you are not eligible, but there are streamline refinance programs I can help you with on these types of loans.

2. You must be current on your mortgage payment. You can have (1) 30 day late in the past 12 months, but not in the last 6 months.

3. Your mortgage must be dated prior to June 1, 2009.

Pretty simple, right? So what are you waiting for? Give me a call if you would like more information or for me to send you a flyer on this great program! 505-286-3071 I can do this program in New Mexico and refer you to one of my colleagues in the other 49 states!

Kelly Krauth

New Mexico's Favorite Lender