The California HARP Refinance Home Loan Program is due to expire on December 31st 2015. Do not delay with a refinance on your home, rates are still low and this program does not require an appraisal, this will save you time and money.
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I recently closed a HARP refinance loan (DU Findings above) on a homeowner, that had a 680 middle credit score, high debt to income ratio at 63% with no appraisal. So before you think you do not qualify for this program, think again.
The paperwork for applying for a home loan in some areas have lightened up, as well has loan programs are starting to ease on qualifications. The HARP home loan program is set to expire on 12-31-2015, this is a very good time to explore your options with a home refinance, before the rates adjust and you miss out on an opportunity to lower your overall mortgage payment.
The benefits with the HARP loan program are:
- No Appraisal report, saving you time and money on the refinance cost
- Can qualify at a higher debt to income ratio
- Qualify with a lower credit score
- Refinance from an adjustable rate into a fix 30, 20 or 15 year term
- Rate and Term only, no cash out
- May skip up to 2 months worth of mortgage payments
Qualifications for the HARP program:
- Must verify income
- Have a minimum 620+ credit score
- 12 months of on time mortgage payment when applying
- 2 months reserves of the total mortgage payment, along with any HOA if there is any
- Your Note must be owned by Fannie Mae or Freddie Mac prior May 31st 2009
You can check on the Fannie Mae or Freddie Mac website to see if you loan is owned by one of the 2 companies., They will request your full name, address of the subject property, last 4 of your social security numbers. I welcome the opportunity to look this information for you if you wish.
The HARP refinance home loan program is a fast and easy loan to process and underwrite, it is worth the effort to explore your options with this program, can save your thousands over the life of the loan.
As this year ends on this program, do not miss out on this one of a can loan program to lower your mortgage and place your loan on a fix interest rate. The HARP refinance home loan is perfect those home owners who are on an adjustable mortgage rate, such as the popular programs of the 5/1, 7/1 or the 10/1, those are fix rate loans for 5 , 7 or 10 years then adjust after the fix term.
Do not turn yourself down perform you the facts about the HARP Refinance Home Loan Program here in California. Please call or text me at 909-503-5600 or email me HERE and we can begin to explore and present you refinance options to lower your overall mortgage payment.
By Nathan Rufty