Important Things to know -
HARP: Home Affordability Refinance Program
HASP: Homeowner Affordability and Stability Plan
1. It is not for people who are currently delinquent on their mortgage. You can’t use this program if your mortgage is not current.
3. In most cases your last loan cannot have had Private Mortgage Insurance.
4. You still have to qualify. You need to prove enough income to qualify for your new house payment and any monthly debt. You have to have at least a 620 credit score.
5. You can only get a maximum of $250.00 cash back. You can get your current payoff plus closing costs up to 4.00% of loan amount or $5,000.00, whichever is less. One caution is that if you plan to sell your house in a couple of years then you might not make up the difference in payment after figuring in closing costs.
6. Your last loan had to have closed and been sold to Fannie Mae or Freddie Mac before May of 2009. You can only refinance under this program one time.
For more information I can be contacted at:
DEPENDABLE MORTGAGE CO.
Rhonda Sherman, Owner
License # 100008357 NMLS # 381084
145 Grand Avenue, Suite B
Grand Junction, CO. 81501
Office: (970) 257-1502 or Cell: (970) 250-8613
Website: Dependable Mortgage Co.
Regulated by the Division of Real Estate
An Equal Housing Lender