Homeowner Affordability and Stability Plan (HASP)

This is great information to share with your clients and fellow realtors.

Do you know of anyone that would like to refinance home loan? Due to historically low interest rates, those who want to take advantage of them should know more about this program. Alternatively, if a homeowner is experiencing economic hardships, the modification part of the HASP program is also an option.

The $287 billion HASP program was announced in early March by the Obama administration. Here are some facts about the program: -Loan must be owned by Freddie Mac or Fannie Mae (find out by visiting https://ww3.freddiemac.com/corporate/index.html, or http://loanlookupfanniemae.com/loanlookup).

In the future, other loan programs may be accepted.

-Owner occupied, second homes and investment properties are eligible.
-Loan to value up to 105%
-No delinquency in past 12 months (more than 30 days late on one mortgage payment = ineligible)
-Based on subordination agreement from previous lender

For more information on the HASP program, please visit the web address (http://www.treasury.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdf), or call Odyssey Real Estate Consulting Group. We can recommend and connect you the appropriate lenders who are available to refinance or modify based on certain qualifications.