The Home Affordable Refinance Program (HARP) is a program created to help homeowners refinance on a home with little equity. The goal is to help homeowners who are unable to refinance but are current on their mortgage payments get a lower interest rate and more affordable monthly payment.
Below are general eligibility guidelines. The homeowner must:
-Have a Fannie Mae or Freddic Mac mortgage. The Fannie Mae or Freddie Mac mortgage must be acquired on or before May 31, 2009.
-Be current on the mortgage payments. The homeowner can have one 30-day late payment in the past 12 months, but not within the past 6 months.
-Have never applied for a HARP program before
The most significant change to the HARP program is that there is no loan-to-value cap in the new HARP, for fixed-rate loans. Under the previous HARP program, the loan-to-value ratio could not exceed 125%.
This program is now extended to December 31, 2013.
For any questions regarding your San Francisco property, contact Real Estate professional Vi Pavlicevich at 408.540.4069 or vi@climbsf.com. Vi is an expert in San Francisco Real Estate in Mission Bay, Soma, Potrero Hill, DogPatch, Financial District and South Beach.
Climb Real Estate provides this information to the public and our clients and does not guarantee its accuracy. Climb Real Estate does not necessarily represent the seller nor the marketing company in any way. For buyer representation, contact Climb or learn how to buy new developments.
