The goal of the HARP refinance loan program is to assist Redding and Shasta County homeowners who are current on their mortgage payments, but upside down in equity position, with refinancing into lower payments or shorter terms. In this way, the program provides incentive for these homeowners to stay in their homes. As an experienced lender, Chris Lamm: Redding Mortgage Lender is uniquely equipped to implement this program.
On October 24, 2011, and throughout 2012, the HARP refinance loan program made some significant changes that helped to triple the rate of Redding homeowners eligible for refinances. Here is a snapshot of what is available through Chris Lamm as a result of these changes:
- Mortgages with PMI (private mortgage insurance) can be refinanced.
- Homeowners can go to any lender for a HARP refinance. (Originally, they were only allowed to go to their original lender.)
- Any occupancy type is allowed: primary residence, second home, or investment property.
- In many instances, an appraisal of your home is not required.
There are, however, a few requirements that you will need to meet to qualify for a HARP refinance:
- The loan-to-value ratio (LTV) of your home must be greater than 80%.
- As already mentioned, you will need to be current on your payments. Specifically, you are not allowed to have any late payments within the last six months and no more than one late payment within the past 12 months.
- You must demonstrate reasonable ability to pay your new mortgage payments.
- The property must be your primary residence, a one-unit second home, or a one-to-four-unit investment property.
- The home must be a Fannie Mae (FNMA) or Freddie Mac-owned property that was sold to one of these entities on or before May 31, 2009.
- The home may not have been refinanced through HARP before, unless it is a Fannie Mae loan that was refinanced between March and May of 2009.
Redding HARP refinance loans are a great product, created by government-sponsored entities and proudly offered to consumers by Chris Lamm: Redding Mortgage Lender. If you’ve been unable to refinance your home through more traditional methods, let Chris help you determine if you can refinance through HARP.