Here are the details.
1. Your loan must be backed by Fannie Mae or Freddie Mac in order to be eligible. Many times homeowners are not even aware their mortgage is Fannie Mae or Freddie Mac. If you are unsure please visit Fannie Mae at Fannie Mae Lookup and Freddie Mac at Freddie Mac. You will need to type in your address in both sights to see if you have a Fannie or Freddie loan.
2. Your current mortgage must have originated before June 1, 2009.
3. Your home loan must be paid on time for the last 6 months and at least 11 of the most recent 12 months.
4. You must NOT have used the HARP program previously
5. The new HARP program specifically has no loan-to-value restriction so that homeowners in California can take advantage of it. You can be seriously upside down, your home worth far less than what you owe on it and you will still be able to refinance under this program.
6. You will be able to use any participating HARP lender, you do not have to stay with your current lender.
7. You can refinance investment/rental properties, second/vacation homes, condos and of course single family homes.
8. Income verification is required and you must qualify for a loan. Income and credit will be verified.
Finally there is some relief for some homeowners who owe more on their home than their home is worth. While this program will not reduce the principle amount it does give you the opportunity to refinance at today's low interest rates. If you need any assistance or have any questions, feel free to give me a call. If you know of anyone who might benefit from this revised program, please pass it along.
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