Sacramento HARP refinance | Sacramento HARP mortgage | Sacramento HARP program
The well known HARP (Home Affordable Refinance Program) AKA HARP 2.0 was recently rolled out by many lenders this year. The Sacramento HARP refinance program (which also exists nationwide) will allow homeowners to refinance without an appraisal and take advantage of record low interest rates provided they meet certain criteria.
In order to qualify for the Sacramento HARP refinance, the below basic criteria need to be met.
1. Your current mortgage has to be backed by Fannie Mae or Freddie Mac (click here to check)
2. Your loan must have been sold to Fannie Mae or Freddie Mac by May 31, 2009
3. You must be current on your mortgage payments (0 x 30 in 6 months; 1 x 30 in 12 months)
4. This must be your first HARP refinance
FAQs about Sacramento HARP Refinance
1. What if my credit is challenged?
The guidelines of the Sacramento HARP refinance program are less strict than those of a standard loan. We have seen some cases where challenged fico scores and higher debt-to-income ratios still get an “automated approval”.
2. What will my new interest rate be?
Rates on the Sacramento HARP refinance program can vary slightly depending on the situation. In every case so far, we’ve been able to offer significant savings and drop in rate compared to where homeowners are now. The payment drop can be substantial and homeowners can also shorten the term of their mortgage and pay off their home much sooner saving more money over the term. Get a FREE quote here
3. Will I have to pay for an appraisal?
In almost all cases, you will NOT have to pay for an appraisal. Both Fannie Mae and Freddie Mac use AVMs (built in value estimates) to determine your home’s value. Because the LTV (loan-to-value) ratio on the Sacramento HARP mortgage program is unlimited, the value of your home is typically not factored into approvals.
4. How long does the process take?
Typically, the process runs up to 5 weeks. Homeowners can help speed up the process by getting all required documentation needed to process the loan and respond quickly requirements that come up through the process.
5. I understand some lenders have overlays. How do these affect me?
Overlays are added restrictions over what Fannie Mae and Freddie Mac guidelines call for. These lenders add them as a way to manage risk. Our Sacramento HARP refinance program does not have these overlays as the loans we originate go directly to Fannie Mae and Freddie Mac.
6. Can I payoff my 2nd or 3rd mortgage(s)?
Unfortunately, no. The Sacramento HARP refinance is only for 1st mortgages. We can ‘subordinate’ the your other mortgages, but they cannot be consolidated. This process can add some time to the overall process.
If you, or someone you know, is upside down in their home and wants a complimentary evaluation, please get in touch with me:
Justin Lees
Sales Manager
W.J. Bradley Mortgage, LLC
justin.lees@wjbradley.com
916.899.6868 direct
855.261.3713 fax
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