Rick Smith Associate Broker, COO

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Home Affordable Refinance Program

The long expected Home Affordable Refinance Program (HARP) brings new hope to upside-down homeowners who are current on their mortgages. The HARP program makes available to them the option for a fixed, more stable mortgage at a lower revised interest rate. HARP is essentially for homeowners with homes whose value has declined because of which they cannot get traditional, affordable refinancing. To apply for a HARP refinance loan you need to make an application and transit through the underwriting process. A HARP loan does carry refinance fees. Some of the main eligibility criteria for a greater HARP loan are:

The current mortgage loan must be guaranteed or owned by Fannie Mae or Freddy Mac, and must have been sold to them prior to June 1, 2009.

The current mortgage loan should not have been refinanced previously under HARP. However this does not apply to loans refinanced by Fannie Mae between March and May of 2009.

The current loan to value ratio must exceed 80 percent.

The applicant must be up to date on mortgage payments with no late payments in the preceding six months and not more than one late payment in the twelve months gone by.  Applying for the HARP Program can be time consuming and tedious, but for the small percentage of homeowners who are successful, it is a great alternative to Foreclosure or Short Sale.

Rick Smith is always available with more information on the program and help in letting you know if you qualify. This Bay Area realtor goes the extra mile to see that more homeowners are able to live in their own homes. To contact Rick Smith call 408.482.0539. His website www.ricksmithrealtor.com is a fund of information.