Due to the unprecedented decline in home values, Fannie Mae and Freddie Mac developed a special refinance program for borrowers who took out a loan prior to May 31st, 2009. This program is known as a HARP refinance. HARP stands for “Home Affordable Refinance Program.” Borrowers who took out a loan that is owned by Fannie Mae or Freddie Mac at anytime prior to 5/31/09 are eligible for a HARP refinance, regardless of the current value of their home.
The purpose of a HARP refinance is to reduce your current interest rate. You are also entitled to shorten the term of your mortgage loan. Oceanside Mortgage Company is a Freddie Mac seller/servicer. This means we have direct access to the HARP refinance program and we can offer it with very few of the restrictions that other lenders put on the program.
Who qualifies for a HARP Refinance
The HARP refinance is a special entitlement program offered by Fannie & Freddie. As long as you have a loan that was originated prior to 5/31/2009 that is owned by Fannie or Freddie and have at least a 620 credit score, you should qualify for a HARP. This type of refinance is very easy to obtain compared to a full refinance as an appraisal is generally not required.
Credit: We require at least a 620 credit score for a HARP loan.
Income: You must be employed, retired or collecting some form of steady income to qualify. We will look at your debt to income ratio, but most borrowers will qualify regardless of what this ratio is.
Assets: Most of the time we don’t need to show any assets for this type of loan. We do not require that you have any reserves.
Property: Most single family, condos, planned urban developments (PUD), and townhouses are eligible for this program.
Mortgage History: We require that all of your mortgage payments in the last 12 months have been paid on time. It is okay if you paid your payments after the 1st of the month, as long as they were not 30 or more days late.
Why Choose Oceanside for your HARP Refinance
Oceanside specializes in this type of loan. We have refined the process in order to maximize the benefit to you. There are several distinct advantages that Oceanside Mortgage can offer you.
- We are a Freddie Mac seller/servicer so we can offer this program with minimal additional requirements
- We offer a no closing cost option. This minimizes the amount of money added to your loan
- We do not require an appraisal. It is ok if your property value has decreased
- You are allowed to skip your next mortgage payment. This payment will be financed into your loan
- We do not charge any ‘junk’ fees. You do not need to pay an appraisal fee, a credit report fee, or an application fee
How Do I Get Started?
Please contact a loan specialist immediately to get the process started. We can provide you with a no-cost, no-obligation, loan benefit worksheet showing you exactly how much you can save! There are 3 ways to do this:
- Call us toll free at 800-955-8965
- Fill out our contact form
- Chat live with a loan officer now
There are a few documents we need you to collect to process your loan. Do not worry if you cannot locate all of the documents, we should be able to help you. We will need:
- Drivers License
- Social Security Card, W-2, or 1099
- Mortgage Note
- Recent Mortgage Statement
- 2 Month’s recent Bank Statements
- Homeowners Insurance Declaration Page or Agent’s contact info