The federal program HARP, continues to have increased presence in homeowners refinance options. Senior Loan Officer Rob Chomentowski of San Diego Mortgage Blog, has been assisting homeowners with HARP refinance since its inception in March 2009. HARP, or Home Affordable Refinance Program, was set up by the Federal Housing Finance Agency to assist those homeowners who are underwater with their mortgage. This program differs from the HAMP program which helps homeowners who are in danger of foreclosure. HARP, helps those homeowners whose mortgage payments are current but are unable to refinance due to their mortgage being underwater, or when the value of the home is less than what is owned on the loan. The HARP program would lower their monthly payments. Rob Chomentowski states, “The beauty of this program is it doesn’t matter how upside down you are on your property, HARP will allow you to refinance”. The mortgage must be guaranteed by Freddie Mac, or Fannie Mae along with a current loan to value ratio greater than 80%. “Many homeowners don’t even know if their loan is guaranteed by Freddie Mac, or Fannie Mae. I can find out for them and see if they qualify for HARP”. A new program dubbed HARP 3.0 is an update currently under consideration by Congress. This 3.0 program would allow more homeowners to qualify in that home owner loans would not have to be backed by Freddie Mac, or Fannie Mae. Other changes eliminate the eligibility cut- off date, and even allow “re-HARPing”, for those homeowners who have already refinance through the HARP program once before. Under 3.0, a homeowner can be late on one payment in the past 6 months, and loosen requirements for employment and income verifications. This HARP 3.0 has been stuck in congress since February.
To keep up to date on HARP 3.0, or to apply for a refinance under the current HARP qualifications, contact Rob Chomentowski, with Affinity Financial and owner of San Diego Mortgage Blog. The company is a San Diego based mortgage company with over 20 years experience in the mortgage industry. Homeloan8@gmail.com or 888-242-1724.