HARP Loans San Jose – Underwater?
Get Refinanced Fast!
Are you wanting to refinance your current mortgage but don’t think you have enough equity in your home to do so? Are you underwater on your home, but still current on your mortgage payments? It’s true, a conventional refinance will require there some some amount of equity but no longer. Not with the Home Affordable Refinance Program, or HARP.
You may be able to get help through the San Jose HARP loan program!
What is HARP?
HARP is a refinancing program for homeowners with loans owned by Fannie Mae or Freddie Mac. Nearly two-thirds of all conforming loans made today are owned by either Fannie or Freddie. We can help with this, too.
Here are the main benefits of the Home Affordable Refinance Program (HARP):
- You can save thousands of dollars a year with a lower home rate, and may also qualify for friendlier terms on your loan.
- Closing costs can be packaged into your newly refinanced loan.
- Credit plays no role in qualification. There is no minimum credit score!
Do You Qualify?
Can you get a HARP loan in California? If you meet the following criteria, you may qualify:
- You are current on your mortgage and have had no more than one payment made more than 30 days past the due date within the last 12 months and no such lates within the last six.
- Your home is your primary residence, a 1-unit second home, or a 1-4 unit investment property.
- Your loan must be owned by either Fannie Mae or Freddie Mac. Don’t assume just because you got your loan through a bank that it isn’t a Fannie Mae or Freddie Mac loan. Many homeowners are surprised to find out they qualify.
- Your loan must have originated either on or prior to May 31st, 2009. Again, lookup tools are available online, or we can look this information up for you.
A HARP loan can make all the difference in the world for those with little to no equity in their home. If you’re thinking of refinancing and wondering whether or not it makes sense, we can help answer that question with a conversation over the phone, with our refinance calculator or in my office.