HARP -Home Affordability Refinance Program

I thought I would go over the HARP program since it came up today with a client. This program can be used by individuals that had a fixed term mortgage and now will become adjustable. Also if you have a hgher interest rate and would like to lower your payment. In order to use this program the original loan must have been sold to Freddie Mac or Fannie Mae. If sold to Freddie Mac the property must be used as a primary residence. If sold to Fannie Mae it can be Primary or Secondary home. Below are the guidelines for this program.

HARP Guidelines:

*You may Finance up to 105% of property value
*Primary Residence min FICO score of 620
*Secondary Residence min FICO score of 680
*Can only finance rate & term (No Cash Out)
*Debt to Income Ratio can not exceed 45%
*No late mortgage payments in the last 12 months
*Must have owned the property for 3 months
*Current loan can not be Government. Example: FHA LOAN
*No adding/ deleting borrowers if loan is with Freddie Mac
*You CAN add borrowers if with Fannie Mae as long as the original borrowers remain on the loan.

For more information please feel free to contact me via email or phone.

GeorgeLangford@zephyrsf.com
C: 415.336.8191