Posted by Nate Nelson on November 29th, 2011 9:40 AMPost a Comment (0)

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November 29th, 2011 9:40 AM

New Hope for
Underwater Homeowners!

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. Below are a few of the key points:

  • Refi Plus and DU Refi Plus mortgage loans have been extended to December 31, 2013, provided the note date is on or before;
  • No maximum LTV for fixed-rate mortgages with terms up to 30 years;
  • No Mortgage delinquencies on the existing mortgage in the most recent six month period, and no more than one 30-day delinquency in months 7 – 12;
  • Borrowers that have previously received HARP loans are ineligible to refinance under this program
  • Eligible for those whose loans were purchased by FNMA/FHLMC prior to May 31, 2009.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

https://ww3.freddiemac.com/corporate/

http://www.fanniemae.com/loanlookup/

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Nathan Nelson, CA-DOC/NMLS# 247654 Cell. 925.623.1019. Fax. (866).868.9136.  E-Mail. NaNelson@SummitFunding.net

Equal Housing Opportunity Lender. Rates and programs subject to change. CA Department of Corporations-916-324-6624. Licensed by CA Dept of Corporations #6072526, CA Dept of Real Estate #10220358, NV Mortgage Lending Division #46, HI Dept of Commerce and Consumer Affairs #1369, MI Dept of Energy, Labor & Economic Growth #FL-0016888 /SR-0016896, OR Division of Finance & Corporate Securities #ML-4896, TX Department of Savings & Mortgage Lending #79566, VA Bureau of Financial Institutions # MC-5238 & MLB -1624, WA Department of Financial Institutions #520-CL-51866, NC Commissioner of Banks #L-148970. The MLS search function is a service of a third party vendor, is offered as a convenience service only, and should not be construed an endorsement of any particular Real Estate company. The accuracy of all information, regardless of source, is not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. All properties are subject to prior sale, change or withdrawal. Use of the MLS search is not to be construed as a commitment to lend.

 


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