HARP Loan Refinancing
The Federal Government has issued a new program in which homeowners who owe more than their home's value can now refinance their loans. Designed to help homeowners take advantage of lower rates, this program now opens doors for those with good credit, and a good credit history to apply to refinance.
For details on Harp Loan refinancing call Lori Hawkins at (916) 371-6300.
The Home Affordable Refinance Program (HARP) issued by the federal government assists homeowners in refinancing their mortgages. Mortgages must be backed by Freddie Mac or Fannie Mae in order for homeowners to qualify.
In a climate where homeowners have refinanced at rock bottom rates, those with homes that have decreased in value haven't had many options for refinancing. Especially when they haven't any equity in their homes. But the HARP program creates a way for homeowners with or without equity to qualify for a home refinance when they are "upside down" on their mortgages.
Not sure if your loan is guaranteed by Freddie Mac or Fannie Mae? Contact us on (916) 371-6300 and we'll check your loan for you.
Qualifying for HARP
Wondering if you qualify for the HARP program? Here are a few guidelines...
- The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac.
- The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio MUST be greater than 80%
- The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
- You have a reasonable ability to pay the new mortgage payments.
- The refinance improves the long term affordability or stability of your loan.
How do I apply for HARP?
Applying for HARP is as simple as contacting our mortgage office in West Sacramento. We'll first ask to see your current mortgage statement to determine if your loan is backed by Freddie Mac or Fannie Mae.
Then, we'll have you fill out a loan application that will give us all of the information that we need to determine if you qualify for the loan. Refinancing through a HARP loan takes the same process as any refinance, and we'll need to pull your credit history, current income, past payment history, etc. Begin gathering tax statements and pay stubs for the process.
As loan specialists who perform HARP loans, we'll walk you through each step of the process.
I purchased a home and completed a refinance with Lori, and she and her team make the process seamless. I will definitely call Lori for my future loan needs!
Lori and her team were patient and always answered my questions quickly. They took all the time I needed to feel comfortable every step of the process
Lori was amazing to work with. She was on top of everything and extremely helpful thorough this home buying process! She helped us do a 21 day close. I would recommend her to any one wanting to purchase a home.
From start to finish a great experience. The technology was very easy to navigate and the follow through was great. There was consistent communication throughout the process.
We've been working with Lori since October 2013. Lori has been pleasant and extremely helpful for Us with our initial home purchase and refinancing. She made the process easy and non stressful. We wouldn't think of working with anyone else. She's guaranteed to get you what you want!
Lori is an extremely professional flexible loan agent. I have been working with her for several years now and she is the only person I have been going through for my loans and every time she has been honest with me about what to do and how to do it. I highly recommend her to whomever is looking to purchase their first home or buying a second or more property. She will be persistent and punctual with you and make things as easy as possible. She also has ana amzing team behind her that helped us along the way when Lori was unavailable.
Lori was amazing. Wonderful experience in refinancing our home! The process was quick and easy, she saved us money and stress. Absolutely use her services in the future.
Lori and her staff were awesome. They worked really hard for us in this trying time. They communicated with us all the way through the process which is important to me!
I recently purchased my home last year using the VA. I went to Lori less than a year later and they refinanced my home saving me almost 300 a month. Will definitely use her on my next home purchase!
We have now worked twice now with Lori and her team. We have worked with a few different lenders and Lori is by far the easiest. They are efficient and care about getting you the best deal. Definitely have recommended to family and friends.