Indigo Mortgage, an Albuquerque, New Mexico mortgage company with four lending divisions to serve the residential, commercial, VA and reverse mortgage markets, announced that it is officially implementing Harp 2.0 for its customers, helping them refinance and stay in their homes, thereby potentially avoiding default and foreclosure.
Harp 2.0 kicked off on March 17th. The program gives those borrowers who currently owe more on their home than it is worth a chance to refinance into day’s low interest rates. The contingency is that the present loan these homeowners have must be backed by Fannie Mae or Freddie Mac and been taken out prior to June 1, 2009. There is no requirement that the borrower begin paying mortgage insurance if they already do not pay this on their current loan even if the loan-to-value (LTV) goes over the 80%.
The other major change to the Harp 2.0 program is that the borrower does not have to go back to their present mortgage company to do the refinance but can shop around for a lender that offers this new program. For those homeowners that may have two mortgages, they will only be able to refinance the first and will have to let the second mortgage remain in place.
In commenting on the program, Benjamin Lucero, Founder and President of Indigo Mortgage, said, “We are already seeing a difference with the Harp 2.0 program. Recently, we got a new Harp 2.0 loan approved where the borrower was paying mortgage insurance and was underwater to the level of 113% loan-to-value. By using our automatic qualification system, not only did it get approved, but it also received an appraisal waiver, which saved the home owner about $500. All we had to do was to get the name of the mortgage insurance company so we could get the mortgage insurance certificate assigned to the new lender. Now, that home owner can breathe a sigh of relief with a lower interest rate and a greater sense of comfort knowing they can keep their home.”
Lucero added, “We look forward to many more situations like this borrower as we move ahead with the Harp 2.0 program. For us, it is a way to show our customers that no one cares more for their mortgage loan than we do. This also speaks to why we started Indigo Mortgage in the first place as we wanted to help others turn their dream of home ownership into a reality with an appropriate home loan that works for their individual needs.”
About Indigo Mortgage
Headquartered in Albuquerque, New Mexico, Indigo Mortgage is a locally owned and operated mortgage company that is 100% certified NMLS (National Mortgage Licensing System) with expert mortgage brokers and loan originators. The company operates four divisions: New Mexico Residential Mortgage Division, New Mexico Commercial Loan Division, New Mexico VA Mortgage Loan Division and New Mexico Reverse Mortgage Loan Division. Indigo Mortgage was founded by Benjamin Lucero and operates on a philosophy of personal service, high integrity, fairness, and moral and ethical behavior. The company’s motto is: “Because nobody cares more for your mortgage loan.” Its definition of integrity is that it is the decisions we make and the actions we take when nobody is watching but the Lord. For more information on their mortgage services, please visit www.indigomortgage.net.
