Government Refinance Programs – HARP or HASP

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.

     2. Your loan had to have been participated or sold to Fannie Mae or Freddie Mac. You will need to go to www.fanniemae.com or www.freddiemac.com to see if your loan is eligible.

     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.

      That said, if you can meet the above perimeters and your loan can be upside down (meaning you can owe more than your home is worth) then this is a great program to get your monthly payments lowered, or go to a shorter term. Interest rates are at an all time low. If your property is in Colorado we would be happy to help you out with this.
Rhonda Sherman, Dependable Mortgage Company, Grand Junction, Colorado

Rhonda Sherman

 

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




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      We pretty much have everything posted on the blog that helps people when it comes to buying a house. But we try to update when something comes along that we feel like people need to know to make the best decision for themselves.

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