FHA Loan

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.

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