Help for Underwater Homeowners

The Home Affordable Refinance Program has been extended to help homeowners refinance their homes that are underwater until December 31, 2015. This extension of the federal finance program for underwater homeowners was decided by the U.S. Treasury Department due to many homeowners that are still underwater and need help refinancing into lower-rate mortgages.

The HARP program reduces what homeowners owe and lowers the monthly payment to help avoid foreclosures. In order to qualify for a refinance using HARP, homeowners must:

  • Have a mortgage that is guaranteed or owned by Freddie Mac or Fannie Mae.
  • Fannie or Freddie had to guarantee or own the loan before May 31, 2009.
  • Not have already uses HARP.
  • Have a mortgage that is for 80 percent or more of the home’s value.
  • Have paid every payment on time for the past six months, and have no more than one late payment in the last 12 months.

There are also some obstacles that homeowners have to overcome to use the HARP program, including:

  • Obtaining the mortgage after 2009.
  • Stricter qualifying rules set by specific lenders.

For all of your home lending needs in the Irvine, California area, contact Avis Lending.

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