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Help available for 'underwater' home loans

From Connect, Icon Credit Union
The wait is over for homeowners who want to refinance but owe more on their mortgages than their homes are worth. Starting March 26 Icon Credit Union was able to begin helping borrowers with the new HARP (Home Affordable Refinance Program) 2.0 that allows refinancing for primary residences, second homes, and investment properties (1 to 4 unit ) regardless of how deeply underwater they are.

In places that were hit hardest by the housing downturn, homeowners have been waiting to refinance under HARP 2.0 as it is their only chance to refinance at a lower rate. If your home is in the Icon Credit Union market footprint, we may be able to service your new HARP loan for you too!

Both Fannie Mae and Freddie Mac will have their software updated and the new enhancements will include:

No maximum LTV (loan to value) ratio for fixed rate mortgages
105% maximum LTV for adjustable rate mortgages
More properties will qualify to have the appraisal waived
Mortgages with Mortgage Insurance (MI) will now have an
opportunity to refinance
Faster service at Icon Credit Union compared to larger banks.

Borrowers will still need to qualify with income, employment, credit, and assets. The new enhancements may help to streamline requirements in this area. If you need assistance with improving your debt ratios or assets, Icon Credit Union can help.

We are a strong consumer-based lender with a proven track record and the experience to help you navigate your way to a successful refinance.

In order to be considered for the HARP Refinance Program, your current loan must be insured by either Fannie Mae or Freddie Mac.

Both organizations have web site assistance where you can check your current status or you can contact Icon Credit Union and we can check for you. Watch out for bank and servicer overlay requirements. If your loan is insured by Fannie Mae or Freddie Mac and you are being told that you do not qualify, call us for a second opinion.

The new program is good news to many responsible homeowners who honor their current home loans and have been denied in the past. Interest rates are at historic lows and here is the best opportunity yet for responsible underwater homeowners!

Need more information?
Are you curious about the program? Need more information? Everyone on the Mortgage Team is available to help. Call our Rose Branch at (208) 344-7948 and ask for Mike, Chris, Kim, Debbie, or Heidi.