BALTIMORE, April 20, 2012 /PRNewswire/ -- About 23 percent of Maryland homeowners owe more on their home than it is worth, which is the seventh highest rate among all 50 states, according to the Baltimore Sun.
Many Maryland homeowners purchased their homes just prior to the collapse in real estate prices in the fall of 2007. Now many have found themselves stuck in a high interest rate mortgage, owing more than their home is worth, and unable to refinance to take advantage of today's low interest rates. The federal government has come up with a solution to their problem, and it comes in the form of the new Home Affordable Refinance Program (HARP 2.0).
Through this program, the federal government is choosing to give hard-working Maryland citizens the opportunity to refinance and obtain a mortgage reflecting today's low rates. Refinancing through the new HARP 2.0 program may be available for Maryland citizens that meet the following requirements:
- Mortgage must have been sold to Fannie Mae on or before May 31st 2009
- Must be current on the mortgage with no late payments in the past 12 months
- Current Loan to Value must be greater than 80%
New American Funding, a licensed mortgage banker and Maryland home loan lender, is available to help Maryland homeowners who believe they may qualify for the refinancing options provided by HARP 2.0. For homeowners, working with a mortgage banker means broker fees are avoided. The company has helped thousands of customers refinance or purchase a home over the past decade.
Finally, it possesses an A+ rating with the Better Business Bureau, which means customers can expect to be working with someone who has their best interests in mind.
About New American Funding
New American Funding is a Fannie Mae Seller/Servicer, FHA Direct Endorsement -- HUD Approved, and VA Automatic mortgage lender with over 400 employees. The company is licensed in 21 states across the nation and offers a variety of home loan options, including FHA, Conventional, VA, HARP 2 and Jumbo Loans.
MEDIA CONTACT Jennette Landrum, [email protected], 800.450.2010
SOURCE New American Funding