Refinance HARP is a Walk on the Beach With C. G.
Refinance for Upside down Borrowers
1. Fannie Mae or Freddie Mac must own or guarantee the loan
2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009, this means you most likely would have needed to close on or before May 1st as it takes about a month to get there and there are no exceptions to the date.
3. The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
4. No Loan to Value restrictions, no appraisal
5. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
6. You have a reasonable ability to pay the new mortgage payments, it must make sense.
7. The refinance improves the long term affordability or stability of your loan, i.e.: the payments have to go down.
8. If you have Mortgage Insurance it does not go away.
9. No new MI policy however if say your loan has no MI
10. Have to show income on W-2 and Tax returns
11. Cost upfront to find out: $ 24 (credit report $14 per borrower)
12. CONDO’s are eligible and often NO condo certificate is required.
Call Caroline at (949) 784-9699
This is not a commitment to lend nor loan approval each individual is different, but these are pretty easy if you are employed and you made your payments. The idea is to save those who want to stay in their home and can make it going forward - not always so "easy."
Let’s look up your loan to see if Fannie or Freddie “owns” it and talk about what we can save you in monthly payments