Determine if you qualify for HARP 2.0 to Refinance Your California Real Estate Loan up to 125% of Property Value
Article by Greg Rosenstein
The federal government has released HARP 2.0 this week. This is their second attempt at helping homeowners that are upside-down in their properties by expanding the guideline to allow borrowers to refinance up to 125% of their property value. I think the first thing a homeowners should do is determine is they qualify not by reading the guidelines that I’ve set here. I have tried to communicate them as clearly as possible here. If you find that you are eligible according to these guidelines or have questions about them you should contact me.
Here are the major guidelines and requirements of the program.• You loan is owned by Fannie Mae and was delivered to them before June 1, cost 2009• 680 credit score or better• No 30-day late payments on mortgage in the last 12 months• 48 months since last Bankruptcy discharge • Primary residence eligible only• Eligible property types are single-family homes, PUDs, and condos. 2 to 4 unit properties are not eligible.
If you meet these guidelines you may qualify to refinance your mortgage at up to 125% of your property value. Unlike normal circumstances, you would be able to refinance with little or no equity. If you’re unsure whether your California real estate loan is more or less then 125% of your property value then I would get in touch with myself through e-mail or phone as I can make the calculations and present to you whether there would be an individual benefit or not.
Regarding whether your refinance will need an appraisal or not is determined by some called a property inspection waiver. This may be granted on your property depending on specific details which I can determine.
I think we all realize that 125% of property value will only cover a small percentage of homeowners that need this help. If you’re on the borderline or not sure about the percentage I would definitely get in touch with me. I can instantly make an accurate determination and many may be surprised. If you take your home value and divide it by 4, you can add that amount onto your home value to determine how much you can borrow. I can help pay some or all of the closing costs to keep the loan under the maximum if necessary.
The HARP 2.0 California real estate loan program is fairly simple and if you qualify, it can help lower your interest rate to as low as 4% and also convert an adjustable rate to a fixed rate. Take advantage of this if you can.
Please contact me with any questions , with any comments, or to be qualified.
My Homepage: http://www.SanFranciscoMortgageBanker.com
Greg RosensteinBluFi Lending CorporationSenior Mortgage BankerOffice: 925-233-4490 x-1732Cell: 561-283-9865Fax: 888-650-3377E-Mail: Greg.Rosenstein@Blufi.net
http://sanfranciscomortgagebanker.com/california-real-estate-loan-harp-2-0/
About the Author
Greg Rosenstein is the San Francisco Mortgage Banker. He is licensed to make mortgage loans in the state of California and works for BluFi Lending.
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