Underwater? Difficulty Making Mortgage Payments?
HARP and HAMP offer Refinancing and Modification Solutions
The Home Affordable Refinancing Program (HARP) is a Federal program jointly sponsored by the Department of the Treasury and Housing and Urban Development (HUD). HARP provides assistance to homeowners facing financial hardship. Qualified homeowners are those with an up-to-date Fannie Mae or Freddie Mac-guaranteed mortgage who are unable to qualify for standard refinancing. Reasons vary, but homeowners facing foreclosure and owners who are underwater (e.g., the current loan exceeds market value) lead the category.
For many applicants, their mortgage interest rate is substantially higher than today’s rates. But very high loan-to-value (LTV) disqualifies them from standard refinancing. In other words, they owe more than the home is worth.
At California Mortgage Advisors Inc., we genuinely believe that we offer our clients the best mortgages in the industry. We have offered a variety of loans since 1993, which means our Mortgage Advisors have successfully matched tens of thousands of borrowers with loans tailored to meet their needs and unique financial situations. Our Mortgage Advisors are available at (800) 927-6560 to answer your questions or click here to apply online.
HARP Program Highlights
• No Loan-To-Value restrictions
You may owe more than the home is worth
• No Appraisals
Most borrowers will not be required to order an appraisal on the property which will lower cost and speed up the refinance
• No Underwriting
Most borrowers will not have to supply income and asset documentation in order to be approved for this program.
HARP Benefits
• Lower Interest Rate
• Lower Payments
• Fixed Rates
• Lower Fees
Another category is homeowners who, for various reasons, can no longer afford their current mortgage payment. For this group, loan modification under the Home Affordable Modification Program (HAMP) may be the solution.
Both programs have a primary objective: enable distressed homeowners to qualify for an affordable, stable mortgage at today’s lower market rates. And this includes some homeowners who are paying PMI (private mortgage insurance) on the current mortgage. Keeping Americans in their homes is the mission.
HAMP loan modification reduces payments to an affordable level, ending the possibility of foreclosure due to failure to make mortgage payments. In some cases, HAMP also helps with 2nd mortgages.
CALIFORNIA MORTGAGE ADVISORS, INC., a HUD-approved lender, is authorized to guide applicants through the qualification and application process, which can be intimidating. We encourage potential applicants to first visit MakingHomeAffordable.gov, an excellent website with useful videos and clear guidance. Then, contact us to arrange the meeting that may ease your hardship. Our expert Mortgage Advisors will guide you through, answer questions and assist with the paperwork.
Are you ready to get started? You can apply here online or call (800) 927-6560.
