HARP Loans San Francisco
It has been a few years now since the financial recession was at its peak. But those years are something that no homeowner in San Francisco will ever forget. If your mortgage wasn’t underwater in the recession, chances were good you knew more than a few homeowners who were in that dire situation.
Most people talk about the recession in the past tense now: “It was a frightening time.” But the reality is that in 2016, the economy hasn’t made a full recovery. The divide between rich and poor continues to grow, and all the while, prices on housing are skyrocketing throughout the San Francisco metropolitan area.
In fact, the median price for new and existing single-family homes and condominiums in the city reached a record high of $1 million just two years ago. The cost of living continues to soar while wages lag behind. It isn’t just housing that gets more and more expensive either. Odds are your utilities bills have also been climbing.
You may not hear as much about it now as you did during the worst years of the recession, but many families are still struggling to afford their San Francisco homes. And a lot of families simply can’t keep up with the payments.
San Francisco HARP Loan Program
Are you struggling with a San Francisco home loan that originated on or prior to May 31st, 2009? If so, you may have a chance for significant financial savings.
During the recession, information was widely available on refinance programs for struggling homeowners. In 2016, it is harder to come by that same information. So a lot of homeowners who could benefit are not even aware of the programs they can turn to.
One such program is HARP, which stands for “Home Affordable Refinance Program.” HARP loans in San Francisco are available to homeowners with loans owned by Freddie Mac or Fannie Mae. As mentioned previously, the loan must date back to May 31st, 2009 or prior. If you are current on your mortgage and your home is your primary residence, you could qualify.
What are the benefits? With a San Francisco HARP loan, you could save thousands of dollars a year. You can repackage your closing costs right into your newly refinanced loan, and you do not need to worry about credit to qualify, as there is no minimum score.
For many families, a difference of even a few thousand dollars a year can be the difference between paying for heat and electricity each month and going without. It may mean being able to keep up with your other bills and loans instead of falling further into debt. It may even make the difference between losing your home and keeping it.
If you think you might benefit from a San Francisco HARP loan and want to find out if you might qualify, give us a call at (408) 599-3628, or email us at [email protected]. We will review your financial situation in-depth and answer any questions you may have. If we discover you may qualify for a HARP loan, we can help you apply!