Upside Down on a San Francisco Bay Area Home Mortgage? HARP Loan is Here to the Rescue

2012-02-20 / fha loan / 0 Comments
About the author

Shashank Shekhar

Shashank Shekhar is an active Loan Officer with Arcus Lending, a San Jose, CA based Mortgage Direct Lender and Broker serving all of California. Arcus Lending is an approved FHA, VA, HARP and Homepath lender. Shashank has been named “Top 25 Most Connected” and “Top 40 Under 40 Most Influential” Mortgage Professionals in the country. He has authored 2 books – “First Time Home Buying 101″ and “Real Estate Unleashed” – both available on Amazon.com. Shashank has been featured on several national and local media as a California mortgage expert including Yahoo! News, SF Examiner, San Francisco Chronicle, KCBS Radio and PEN TV.
Shashank can be reached at (408) 615-0655 or Shashank@ArcusLending.com. NMLS ID 8176, DRE # 01734034

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4 Easy Steps to HARP Program Refinance Bliss for Upside Down Florida Home Owners

2011-12-17 / fha loan / 0 Comments

 

 

Pick-Your-HARP-Lender: The Home Affordable Refinance Program (HARP) Mortgage Program Requirements and Rates.

 

Why is the simple so frequently made complex?  This is the question I seem to be getting from other underwater home owners.  Other?  Yes.  I am one of them.  Until recently, there has not been a program for those of us in Florida that have been current because it was the right thing to do, but suffered from being underwater on our mortgage loan.

“HARP 2 Mortgage Refinance Program rewards home owners that have stayed current. – Chris Brown”

So now what?  What is the next step?

Here are the four steps for an upside down Florida home owner to uncover if they can take advantage of the Low HARP Rates from the New 2011 Revisions of the Home Affordable Refinance Program changes.

1.  Check your Property’s HARP  Eligibility Qualifications:

  • Your loan must be backed by Fannie or Freddie.
  • Your mortgage must have been securitized prior to June 2009.

For the sake of our blog loyalists, you can find out if your home is backed by using the Fannie search [click here] or Freddie search [click here], now.

2.  Write “Fannie” or “Freddie” on your most recent Florida mortgage statement as a result from the search in step 1.

For convenience, you can email your recent statement to us for a “No Obligation Analysis” of your improved cash flow.  You may not even need to verify employment or income.  How great is that?  The rationale is this… regardless of income or employment – if you have stayed current, lowering your mortgage rate with a HARP refinance can only help.

3.  Check your Personal HARP  Eligibility Qualifications:

  • Current on your mortgage for the last 6 months?
  • Current for 11 of the most recent 12 months?

That may be all that matters.  In our 33 Most Frequently Asked Questions regarding the TRUTH about HARP we answer questions like:

  • I am way upside down on my home, will HARP still work for me? No really – wayyyyy underwater…
  • Do I have to prove my income?
  • I have a second home, is it HARP eligible?
  • … and more.

4. Get the 33 Most Frequently Asked Questions regarding the TRUTH about HARP.

Get the FAQ before making any irreversible decisions because you want the most relevant, most accurate, and most timely available for you and those you care about.

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If I get an FHA loan and I put down 20%, do I still need to pay PMI?

2011-12-08 / fha loan / 3 Comments

I know it drops off when 22% of the loan is paid, but can I eliminate it from the start with the 20% down?
Ok, so it’s not called pmi, but it is for the life of the loan? That’s basically my question. Sorry I phrased it incorrectly.

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How Much should a 200K house cost with an FHA loan and the 3.5% down?

2011-12-07 / fha loan / 3 Comments

We will have a PMI payment with that as well as 4,400 dollars a year in property taxes, my we have been given a variety of prices but all are around 1600 -1750 a month, 730 credit score although I do not think that matters in this instance. I hear others that have a much more expensive house and pay alot less per month.

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Is there any lenders out there that can qualify 1st time home buyer with a FHA loan, no money down purchase?

2011-11-16 / fha loan / 5 Comments

1st time home buyer looking for 100% percent financing on a 350k loan in california credit is 640 and 600 income is 6000 per month combined.

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What is the Jumbo Mortgage Down Payment Requirement?

2011-11-13 / fha loan / 0 Comments

Jumbo mortgages are usually made by private  lenders and are not guaranteed by a government agency.  In San Diego County, loans over $417,000 are considered to be “jumbo”.  Congress has extended a government guarantee, to some jumbo mortgages, for higher loan limits, in San Diego, Orange, Ventura, and Los Angeles counties.  This means that low-down payment options (as low as 3.5%) will be offered for those government-guaranteed loans, with limits of:

  • $546,250 for San Diego County
  • $625,500 for Los Angeles County
  • $625,500 for Orange County
  • $598,000 for Ventura County

Jumbo mortgages, which do not have a government guarantee, are subject to specific lender down payment guidelines.  Generally speaking. loan amounts from $417,000 to $850,000 offer a down payment as low as 10%.  Down payments under 20% will require private mortgage insurance.

Loan amounts from $850,000 to $ 1,000,000 will require a 20% down payment, loan amounts from $1,000,000 to $1,500,000 require a 25% down payment, loan amounts from $1,500,000 to $2,000,000 require a 30% down payment, and loan amounts from $2,000,000 to $5,000,000 require a 35% down payment.

Mortgages guaranteed by the Veterans Administration will continue to be offered up to $1,000,000.  VA jumbo mortgage down payment requirements,vary by county but can be as low as zero-down.  Loans up to $1,000,000 can be made with a down payment of less than 15%.  Please contact me, if you have VA-eligibility, for more specific information.  My phone number is (858)-777-9751

 

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would I qualify for an FHA loan, my credit score is around 700 and I have the 3.5% for the down payment?

2011-10-20 / fha loan / 3 Comments

I always pay all of my bills on time, my debt to income ratios are pretty good,
my yearly income is 60k and the only monthly payment I have is my car payment $500.

Should I have a hard time getting approved with the economy being so bad, I heard it’s very hard to get approved for a home loan
I have been at my job for the padt 4 years.

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Buying a house financing is being down with an FHA loan and seller paying closing cost,what happens?

2011-09-24 / fha loan / 2 Comments

what happens to the earnest money. is it subtract from the down payment?

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I just got approved for a FHA loan, are there any Down Payment assistance grants i can look into?

2011-08-30 / fha loan / 5 Comments

I am a first time home buyer in Columbus Ohio and i heard about Down Payment Assistance Grants program that could exist. Could anyone shed some light on this?

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How many people get turned down for a FHA loan?

2011-08-15 / fha loan / 1 Comments

I have 6,000 in the bank my credit is just below 600 and I have many thinks like letters showing I payed my bills on time

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