The goal of the HARP Refinance loan program is to assist Redding homeowners in Shasta County who are current on their mortgage payments, but upside down in equity position, to refinance into to lower payments or shorter terms, and provide incentive to stay in their homes.
The HARP Refinance loan has recently, as of 10/24/2011, made some significant changes that will help triple the refinance rate of Redding homeowners.
Here is a snapshot of what we know about the upcoming changes:
- No limit on the loan to value (LTV) for Redding homeowners – in other words – IT DOES NOT MATTER how much you owe on your home, or what your home is worth.
- Must be a FNMA or FREDDIE MAC owned property that was sold to one of these entities on or before 5/31/2009: Fannie Mae or Freddie Mac.
- In many instances, an appraisal of your home is not required.
Stay tuned for more info on the HARP Refinance loan program as we are informed from our investors and the government-sponsored entities that will be creating products for us to offer consumers in the coming weeks.
Chris Lamm Mortgage Planner, NMLS ID 209221
