HARP 2.0 Principal Reduction Assistance
If you are like me, you don't want to move. You love your house, your neighbors (okay at least most of them) and your kids love their school and friends. You simply DONT WANT TO SELL! Unfortunately, you are upside down on your home. Like REALLY upside down. So, what do you do? It seems like you may NEVER get out from under your ridiculous mortgage. What alternatives do you have to a Short Sale?
The truth is....if you are a responsible homeowner and are current on your mortgage, you don't have many options. Or at least you didn't....until NOW! The State of AZ may be here to save the day! As always, if you are experiencing a financial harship, this program may NOT be for you and you may need to seriously consider the Save Our Home AZ Short Sale Assistance Program and contact your AZ Short Sale agent today. But if you are not, and keeping your home is your primary goal, then this program may be for you!
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In conjunction with a HARP 2.0 refinance, homeowners may qualify to have their principal reduced to 100% Loan to Value by Save Our Home AZ. |
Qualfications:
- Max Program Contribution is $100,000.
- Homeowner’s loan must be owned by Fannie Mae or Freddie Mac.
- Household may not have Gross Income of more than 150% of Area Median Income (AMI) (i.e., for a family of four in Maricopa County, the income limit is $98,250 or less).
- Eligible properties may not have an outstanding mortgage(s) in excess of 150% of purchase price.
- Property must be the homeowner’s primary residence.
- Current Loan to Value (LTV) or Combined Loan to Value (CLTV) must be more than 120%.
- Principal reduction target of 100% LTV after HARP 2.0 refinance.
- Assistance will be provided without a lien.
- Unsecured promissory note signed concurrently with HARP 2.0 refinance.
- May be combined with Second Mortgage Settlement Assistance up to $16,500 or 40% of outstanding second mortgage balance.
Application Process:
- Homeowner verifies that mortgage is owned by Fannie Mae or Freddie Mac.
- Homeowner submits signed documents to SOHAZ by fax or mail (download and complete the Request for Certificate of Eligibility)
- Homeowner receives Certificate of Eligibility from SOHAZ to take to lender. See alist of participating lenders.
- Lender pre-approves customer for HARP 2.0 refinance.
- Customer completes SOHAZ online Self-Assessment & Application.
- Counselor completes credit counseling and collects any missing documents.
- Simultaneous close with HARP 2.0 refinance.
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The Save Our Home AZ program was created to assist responsibile homeowners avoid foreclosure on their primary Arizona residence. Read detailed information on the HARP 2.0 Principal Reduction Contribution program here or call to talk to an approved counselor at one of the agencies listed.
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