New American Touts HARP 2.0 for Maryland Homeowners

In Maryland, ""New American Funding"":http://www.newamericanfunding.com/ is working to help borrowers who may qualify for refinancing under HARP 2.0. The third-party lender allows struggling homeowners to avoid broker fees through their mortgage banking services, should the borrower meet the HARP 2.0 requirements.

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Current statistics show that 23 percent of Maryland's homeowners are considered ""underwater,"" owing more on their

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home than it is worth. Maryland's high number of underwater borrowers makes it the seventh-ranked state nationally, based on the percentage of struggling homeowners.

In a company statement, New American referenced data that indicates that many property buyers in Maryland purchased their homes directly before the country's collapse in real estate pricing during the fall of 2007. Reiterating the new standards under HARP 2.0, New American noted that qualifying homeowners must meet the following requirements: mortgage must have been sold to Fannie Mae prior to May 31, 2009; borrowers must be current with payments on their mortgage during the past 12 months; and their current loan-to-value ratio must exceed 80 percent.

New American went on to tout its A+ rating from the ""Better Business Bureau"":www.bbb.org/, as well as the significant number of refinancing customers the company has serviced. A ""Fannie Mae"":www.fanniemae.com/ seller and servicer, New American is a ""Federal Housing Administration"":www.fha.gov/ Direct Endorsement and government-approved direct mortgage lender.